---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-158404"
form_type: "8-K"
ticker: "BDX"
cik: "0000010795"
company_name: "BECTON DICKINSON & CO"
filed_at: "2025-07-14T23:59:59+00:00"
generated_at: "2026-05-18T06:36:16.090276+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-158404
- form_type: 8-K
- ticker: BDX
- cik: 0000010795
- company_name: BECTON DICKINSON & CO
- filed_at: 2025-07-14T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/10795/000119312525158404/0001193125-25-158404-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/10795/000119312525158404/d41030d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-158404
- JSON: https://secwatch.observer/filing/0001193125-25-158404.json
- Plain text: https://secwatch.observer/filing/0001193125-25-158404.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.