Fortive To Acquire Landauer For Around $770 Million

(RTTNews) - Fortive Corp. (FTV) Wednesday announced a definitive merger agreement to acquire Landauer Inc. (LDR). As per the agreement, Fortive will make a $67.25 per share cash tender offer to acquire all Landauer shares for a total transaction value of approximately $770 million, including the assumption of debt and net of acquired cash.

The agreement was unanimously approved by Landauer's Board of Directors. The transaction is expected to close by the end of 2017.

Landauer is a global provider of subscription-based technical and analytical services to determine occupational and environmental radiation exposure, as well as a domestic provider of outsourced medical physics services. Landauer generated annual revenues of $143 million in 2016.

Fortive, a diversified industrial growth company, based in Everett, Washington is comprised of Professional Instrumentation and Industrial Technologies businesses. The company was formed as a spin-off from the global science and technology company Danaher Corp. in 2016.

Upon completion, Landauer will become part of Fortive's Field Solutions platform within Fortive's Professional Instrumentation segment.

James Lico, Fortive's President and Chief Executive Officer, stated, "As a recognized leader in personal and environmental radiation measurement and monitoring and outsourced medical physics services, Landauer is expected to strengthen our safety-as-a-service position and improve our recurring revenue, growth and margin profile."

Mike Kaminski, President and Chief Executive Officer of Landauers said, "As part of Fortive, we will expand our global scale and capabilities, leading to broader solutions for our customers and increased opportunities for our employees."

Lazard served as financial advisor to Landauer and Sidley Austin LLP served as legal advisor.