Waters to combine with BD's Biosciences & Diagnostic Solutions in $17.5B deal

WATERS CORP /DE/

Deal valued at ~$17.5B; Waters shareholders own ~60.8%, BD shareholders ~39.2% of combined co.
Pro forma 2025 revenue ~$6.5B, adjusted EBITDA ~$2.0B; expected accretive to adj EPS in Y1.
Targets mid-to-high single-digit revenue growth and mid-teens adj EPS growth annually 2025-2030.
Anticipates ~$345M annualized EBITDA synergies by 2030: $200M cost by Y3, $290M revenue by Y5.
Closing expected around end of Q1 2026, subject to regulatory approvals and Waters shareholder vote.

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