(Source: Datamonitor)
Life Technologies, a biotechnology tools company, has signed a definitive agreement to sell its ownership stake in its mass spectrometry business, operated as a joint venture, to Danaher, a manufacturing and technology company, for $450 million in cash.
Danaher has also signed an agreement to acquire Life Technologies's joint venture partner in the mass spectrometry business, MDS Analytical Technologies, a division of MDS. The transaction is expected to close in the fourth quarter of 2009.
The transaction is subject to customary closing conditions, and is also conditioned upon the completion of MDS's sale of its analytical technologies division, which itself is conditioned upon approval from MDS's shareholders. The transaction is not subject to any financing conditions.
Moelis & Company and Thomas Weisel Partners are acting as financial advisors and DLA Piper is serving as legal counsel to Life Technologies.
Mark Stevenson, president and COO of Life Technologies, said: "We are confident the transition of the mass spectrometry business to Danaher will go smoothly, as we plan to use the same rigor and process in this divestiture that we've been using for the Invitrogen and Applied Biosystems merger. The same team that has handled the merger integration process will handle this divestiture."
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