BD to combine its Biosciences & Diagnostic Solutions with Waters in ~$17.5B RMT transaction

BECTON DICKINSON & CO

Transaction valued at ~$17.5B; BD shareholders to own ~39.2% of combined company; Waters ~60.8%.
Pro forma 2025E revenue ~$6.5B, adjusted EBITDA ~$2.0B; mid-to-high single-digit revenue growth expected.
Anticipated ~$345M annualized EBITDA synergies by 2030: ~$200M cost synergies by year 3, ~$290M revenue synergies by year 5.
BD to receive ~$4B cash distribution pre-close; at least half allocated to share repurchases, remainder for debt repayment.
Expected close around end of Q1 2026; subject to regulatory approvals and Waters shareholder approval.

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