Sartorius aktiengesellschaft (xtra:srt) signed an agreement to acquire certain businesses from danaher corporation (nyse:dhr) for approximately $750 million.
Sartorius aktiengesellschaft (xtra:srt) signed an agreement to acquire certain businesses from danaher corporation (nyse:dhr) for approximately $750 million on october 18, 2019. the consideration will be paid in cash. the business consists of label-free biomolecular characterization, chromatography hardware and resins, and microcarriers and particle validation standards businesses. the label-free biomolecular characterization business will become part of sartorius’ bioanalytics unit within its lab products & services division. the chromatography hardware and resins business will be part of bioprocess solutions division. bnp paribas is financing the transaction, acting as sole lead arranger, bookrunner and underwriter. the business reported revenues of approximately $140 million in 2018.
danaher entered into the agreement to sell these businesses as a step towards obtaining regulatory approval for its pending acquisition of the biopharma business of general electric company (nyse:ge). the closing of this transaction is conditioned upon danaher's closing its acquisition of the ge biopharma business. the transaction is also subject to customary closing conditions, antitrust clearance and approvals from various regulatory authorities. the transaction is expected to close in the first quarter of 2020.
michael p. brueck, james jian hu, francisco j. morales barrÓn and daniel e. wolf of kirkland & ellis llp acted as legal advisors for danaher. michael bernhardt, roland hlawaty, scott golenbock, christoph rothenfusser, alexander rinne and fiona schaeffer of milbank llp acted as legal advisor to sartorius aktiengesellschaft (xtra:srt) in the transaction. johannes tieves of hengeler mueller advised bnp paribas on financing of the transaction.
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