Agilent to acquire BioTek Instruments for $1.17B
Agilent Technologies announced it has signed a definitive agreement to acquire privately-owned BioTek Instruments for $1.17B. With anticipated tax benefits for Agilent, the net purchase price is expected to be approximately $1.05B. BioTek is a global leader in the design, manufacture and distribution of innovative life science instrumentation. Its comprehensive product line includes cell imaging systems, microplate readers, washers, dispensers, automated incubators and stackers. These products enable life science research by providing customers with high performance, cost-effective analysis across diverse applications. BioTek generated revenues of $162M in FY18 ending December 31 and is expected to grow approximately 10% in 2019. The transaction is expected to be completed in Agilent's Q4, subject to regulatory approvals and customary closing conditions. Agilent expects the acquisition will be accretive to non-GAAP EPS, contributing 2c-4c for FY20, and compounding growth thereafter.