In a press release, Agilent Technologies Inc. announced it has signed a definitive agreement to acquire privately-owned BioTek Instruments for $1.165 billion. With anticipated tax benefits for Agilent, the net purchase price is expected to be approximately $1.05 billion.
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 fiscal year 2018 ending December 31 and is expected to grow approximately 10 percent in 2019.
The transaction is expected to be completed in Agilent’s fiscal fourth quarter of this year, subject to regulatory approvals and customary closing conditions. Agilent expects the acquisition will be accretive to non-GAAP earnings per share, contributing $0.02- $0.04 for fiscal year 2020, and compounding growth thereafter.
