Waters said on July 14, 2025 that it signed a definitive agreement to combine BD's Biosciences & Diagnostic Solutions business with Waters, in a Reverse Morris Trust transaction valued at about $17.5 billion.

1. 01

   Waters said on July 14, 2025 that it signed a definitive agreement to combine BD's Biosciences & Diagnostic Solutions business with Waters, in a Reverse Morris Trust transaction valued at about $17.5 billion.

2. 02

   BD shareholders are expected to own about 39.2% of the combined company, and existing Waters shareholders about 60.8%, the company said. BD is expected to receive a cash distribution of about $4 billion before completion, and Waters is expected to assume about $4 billion of incremental debt.

3. 03

   The company said the combined company's pro forma sales for calendar 2025 are expected to be about $6.5 billion and pro forma adjusted EBITDA about $2.0 billion, and it expects annualized EBITDA synergies of about $345 million by 2030.

4. 04

   The company said it expects the transaction to close in calendar 2026 around the end of Q1, subject to required regulatory approvals, Waters shareholder approval and other customary closing conditions.

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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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