Mergers, Acquisitions & Asset Sales Analysis – June 2019

Although not as frantic as the previous month, the pace of deal making remained rapid through the end of May to mid-June. Here’s a quick overview of the trends and key deals.

In addition to the mergers, acquisitions, and asset sales detailed in the chart below, Illumina announced that it’s pushing back until Q4 the expected close date of its $1.2 billion acquisition of Pacific Biosciences due to ongoing review by UK regulators about competition concerns. After initial review by the UK Competition and Markets Authority (CMA), the investigation has moved to Phase 2, where a group of independent CMA panel members will consider the implications of the acquisition. Despite this obstacle, Illumina remains confident that the deal will move forward.

In other news, Thermo Fisher Scientific and Roper Technologies terminated an agreement under which Thermo Fisher would have acquired Gatan, a wholly-owned subsidiary of Roper and manufacturer of instrumentation and software used to enhance and extend the operation and performance of electron microscopes. The would-be deal was valued at approximately $925 million in cash when it was announced last year.

Although its agreement with Roper turned out to be a bust, Thermo Fisher has been busy. This period, it acquired HighChem, a Slovakia-based developer of mass spectrometry software, for an undisclosed amount. The software company will be integrated into Thermo Fisher’s chromatography and mass spectrometry business.

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