Waters Corporation and Becton, Dickinson and Company (BD) announced a definitive agreement on July 14, 2025, to combine BD's Biosciences & Diagnostic Solutions business with Waters. This transaction, valued at approximately $17.5 billion, is structured as a tax-efficient Reverse Morris Trust.
The combination aims to create an innovative life science and diagnostics leader, doubling Waters' accessible market to approximately $40 billion and accelerating its strategy into multiple high-growth adjacencies. Existing Waters shareholders are expected to own approximately 60.8% of the combined company, with BD shareholders owning approximately 39.2%.
BD will receive a cash distribution of approximately $4 billion, while Waters is expected to assume approximately $4 billion of incremental debt, resulting in a net-debt-to-adjusted EBITDA leverage ratio of 2.3x at closing. The transaction is expected to close around the end of the first quarter of calendar year 2026, pending regulatory and shareholder approvals, with Dr. Udit Batra leading the new entity.
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