Solventum amends Thermo Fisher deal to exclude water filtration business; price reduced to ~$4.0B

Solventum Corp

Solventum and Thermo Fisher amend agreement to exclude drinking water filtration business; cash consideration cut from ~$4.1B to ~$4.0B.
Amendment expected to decrease complexity and potentially accelerate closing to end of 2025; proceeds still primarily for debt paydown.
Buyer receives up to $75M upon sale of Water Business or after 3-year period.
Keeping Water Business increases estimated annual EPS accretion by 15-20 cents, but reduces gross margin improvement by 200 bps and operating margin by 100 bps.
Updated financial estimates to be provided during Q2 2025 earnings call.

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