--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-26-042819" form_type: "8-K" ticker: "WAT" cik: "0001000697" company_name: "WATERS CORP /DE/" filed_at: "2026-02-09T23:59:59+00:00" generated_at: "2026-05-16T03:47:34.965762+00:00" event_type: "m_and_a" sentiment: "positive" materiality_score: 0.9 calibrated_materiality_score: 0.9 confidence: "high" source: SEC EDGAR --- # Waters completes $4B combination with BD's Biosciences & Diagnostic Solutions; forms four divisions ## Summary - Consummated spin-off and merger of BD's Biosciences & Diagnostic Solutions; BD shareholders received ~0.135 Waters shares per BD share, owning 39.2% of combined company. - SpinCo borrowed $4.0B term loan to fund cash payment to BD; Waters guaranteed the debt. - Claire M. Fraser, Ph.D. appointed to Waters Board, increasing size to 11. - New structure: four divisions - Analytical Sciences, Biosciences, Advanced Diagnostics, Materials Sciences. - Combined entity focused on high-volume testing in regulated applications; expects long-term value creation. ## SEC filing metadata - accession: 0001193125-26-042819 - form_type: 8-K - ticker: WAT - cik: 0001000697 - company_name: WATERS CORP /DE/ - filed_at: 2026-02-09T23:59:59+00:00 - event_type: m_and_a - sentiment: positive - materiality_score: 0.9 - calibrated_materiality_score: 0.9 - confidence: high - sec_items: 1.01, 2.01, 2.03, 5.02, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1000697/000119312526042819/0001193125-26-042819-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1000697/000119312526042819/d23927d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-26-042819 - JSON: https://secwatch.observer/filing/0001193125-26-042819.json - Plain text: https://secwatch.observer/filing/0001193125-26-042819.txt ## Source-grounded claims - claim_id: 62484ebb99d45ce5f02007e19c69a328b6ec6e9b claim: WATERS CORP /DE/ incurred credit facility of borrowed $4.0 billion of unsecured term loans with Barclays Bank PLC, as administrative agent at alternate base rate or Term SOFR rate, plus an applicable margin maturing Tranche 1: 364 days after the Funding Date; Tranche 2: second anniversary of the Funding Date. evidence_excerpt: On the February 6, 2026 (the “Funding Date”), SpinCo borrowed $4.0 billion of unsecured term loans under the Credit Agreement, consisting of a $3.5 billion tranche which will mature and be payable in full 364 days after the Funding Date (“Tranche 1”) and a $500.0 million tranche which will mature and be payable in full on the second anniversary of the Funding Date (“Tranche 2”) evidence_url: https://www.sec.gov/Archives/edgar/data/1000697/000119312526042819/0001193125-26-042819-index.htm - claim_id: 60b39a6cf07b3d6d251ed69e0e199b6f177a8158 claim: WATERS CORP /DE/ completed an acquisition involving Becton, Dickinson and Company (closed 2026-02-09). evidence_excerpt: On February 9, 2026 (the “Closing Date”), Waters Corporation, a Delaware corporation (“Waters”), and Becton, Dickinson and Company, a New Jersey corporation (“BD”), announced that they consummated the previously announced spin-off of BD’s Biosciences and Diagnostic Solutions business (the “SpinCo Business”) and combination of the SpinCo Business with Waters. evidence_url: https://www.sec.gov/Archives/edgar/data/1000697/000119312526042819/0001193125-26-042819-index.htm - claim_id: 35c2fd7432bfad45a471763da455af5253c60217 claim: WATERS CORP /DE/ entered into Term Loan Credit Agreement with Barclays Bank PLC valued at $4.0 billion (effective 2026-01-08). evidence_excerpt: In connection with the Transactions, on January 8, 2026, SpinCo entered into a Term Loan Credit Agreement with the lenders named therein, Barclays Bank PLC, as administrative agent (the “Agent”), and the other parties party thereto (the “Credit Agreement”). evidence_url: https://www.sec.gov/Archives/edgar/data/1000697/000119312526042819/0001193125-26-042819-index.htm - claim_id: 428d82e1e450e830cc2e1ff40f5ad8f5a49d2d8e claim: WATERS CORP /DE/ entered into Transition Services Agreement with BD. evidence_excerpt: a Transition Services Agreement (the “Transition Services Agreement”), which governs, among other things, the parties’ respective rights and obligations with respect to the provision of certain transition services. evidence_url: https://www.sec.gov/Archives/edgar/data/1000697/000119312526042819/0001193125-26-042819-index.htm - claim_id: 7c4ef3d2422c889969e7c9cf16e3ba19cce4867b claim: WATERS CORP /DE/ entered into Intellectual Property Matters Agreement with BD. evidence_excerpt: an Intellectual Property Matters Agreement (the “Intellectual Property Matters Agreement”), which allocates rights and interests in certain intellectual property rights relating to the SpinCo Business and BD; evidence_url: https://www.sec.gov/Archives/edgar/data/1000697/000119312526042819/0001193125-26-042819-index.htm - claim_id: bb15cc96ec205b8574b1d09a354527d33472c555 claim: WATERS CORP /DE/ entered into Tax Matters Agreement with BD. evidence_excerpt: a Tax Matters Agreement (the “Tax Matters Agreement”), which governs the parties’ respective rights, responsibilities and obligations with respect to taxes, tax attributes, the preparation and filing of tax returns, responsibility for and preservation of the expected tax-free status of the transactions contemplated by the Separation Agreement and certain other tax matters; evidence_url: https://www.sec.gov/Archives/edgar/data/1000697/000119312526042819/0001193125-26-042819-index.htm - claim_id: e6f3c5baad796f52ded99204c61da77202f1c29f claim: WATERS CORP /DE/ entered into Employee Matters Agreement with BD. evidence_excerpt: an Employee Matters Agreement (the “Employee Matters Agreement”), which governs, among other things, the parties’ obligations with respect to current and former employees of BD and of the SpinCo Business; evidence_url: https://www.sec.gov/Archives/edgar/data/1000697/000119312526042819/0001193125-26-042819-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.