Agilent Will Acquire BioTek Instruments In $1.16B Deal
Agilent (NYSE: A) will acquire BioTek Instruments in a $1.165 billion deal. The transaction is expected to be completed in Agilent’s fiscal fourth quarter.
BioTek designs, manufactures and distributes life science instrumentation. Its product line includes cell imaging systems, microplate readers, washers, dispensers, automated incubators and stackers.
BioTek generated revenues of $162 million in 2018 and is expected to grow approximately 10% in 2019.
“BioTek represents a strong strategic fit with Agilent,” said Mike McMullen, Agilent CEO. “The combination of these two companies will accelerate our multi-year growth strategy to expand our position in cell analysis. This is another example of Agilent investing in high-growth segments of the life sciences market to serve new and existing customers. Agilent is committed to continuing operations in Vermont and retaining the great team of nearly 500 employees that have been at the core of BioTek’s 50-year history of excellence and success."
Agilent shares closed Wednesday at $73.37. The stock has a 52-week high of $82.27 and a 52-week low of $61.01.
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