Investing.com -- Diagnostic tool supplier Danaher Corporation (NYSE:DHR) has agreed to acquire medical equipment manufacturer Abcam PLC (NASDAQ:ABCM) in a deal worth $5.7 billion including debt, the two companies said on Monday.
Under the terms of the agreement, Danaher will purchase all the currently outstanding shares of Abcam at a price of $24.00 per share in cash, representing a 2.7% premium to Abcam's last closing price.
Following the completion, Abcam is set to function as an independent operating entity and maintain its distinct brand identity under Danaher's Life Sciences segment, the firms noted.
Shares in Abcam slipped in early U.S. trading, paring back from gains of just under 3.9% on Friday. Danaher stock, meanwhile, edged higher.
In a statement, Danaher Chief Executive Officer Rainer Blair said the move will bring Abcam's "breadth of antibody portfolio positions" to the business.
Meanwhile, Abcam Chairman Peter Allen said the combination "maximizes value for shareholders while delivering an excellent outcome for our employees and customers."
The transaction is anticipated to close in mid-2024. Danaher said it expects to fund the acquisition using cash on hand and proceeds from the issuance of commercial paper.
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