The company said on July 14, 2025 it entered into definitive agreements with Waters Corporation to combine its Biosciences and Diagnostic Solutions business with Waters in a Reverse Morris Trust transaction, valued at approximately $17.5 billion.

1. 01

   The company said on July 14, 2025 it entered into definitive agreements with Waters Corporation to combine its Biosciences and Diagnostic Solutions business with Waters in a Reverse Morris Trust transaction, valued at approximately $17.5 billion.

2. 02

   BD said it expects its shareholders to own approximately 39.2% of the combined company and existing Waters shareholders to own approximately 60.8%. It also said BD will receive a cash distribution of approximately $4 billion.

3. 03

   The company said it will use at least half of the cash distribution of approximately $4 billion to repurchase shares and allocate the remainder to debt repayment. It said Waters is expected to assume approximately $4 billion of incremental debt.

4. 04

   The company said it expects the Biosciences and Diagnostic Solutions business to generate revenue of approximately $3.4 billion and adjusted EBITDA of approximately $925 million for calendar 2025. It also said it expects the transaction to close around the end of the Q1 of calendar 2026.

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AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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