Waters Corporation (WAT) and Becton, Dickinson and Company (BDX) have reached a definitive agreement to merge BD’s Biosciences & Diagnostic Solutions business with Waters in a tax-efficient Reverse Morris Trust transaction valued at around $17.5 billion.
Waters Corporation is set to take on approximately $4 billion of additional debt. This deal is projected to be accretive to adjusted EPS in its first year. The transaction is expected to close near the end of the first quarter of calendar year 2026.
Flemming Ornskov, M.D., M.P.H., Chairman of Waters Corporation, stated: This transaction marks a pivotal milestone in Waters’ transformation journey as we embark on a new chapter of growth and value creation.
