Schindler Attorneys advised Waters Corporation on Combination with BD’s Biosciences & Diagnostic Solutions business

Schindler Attorneys advised Waters Corporation on Transformational Combination with BD’s Biosciences & Diagnostic Solutions business

Schindler Attorneys advised Waters Corporation (NYSE: WAT) on a Reverse Morris Trust transaction that will combine Waters with Becton, Dickinson and Company’s (NYSE: BDX) Biosciences & Diagnostic Solutions business to create an innovative life science and diagnostics leader. The agreement values BD’s Biosciences & Diagnostic Solutions business at approximately $17.5 billion. The combined company will have best-in-class liquid chromatography, mass spectrometry, flow cytometry, and diagnostic solutions.

The transaction has been unanimously approved by the Boards of Directors of both Waters and BD. BD’s shareholders are expected to own approximately 39.2% of the combined company, and existing Waters shareholders are expected to own approximately 60.8%. BD will also receive a cash distribution of approximately $4 billion prior to completion of the combination, subject to certain adjustments.

The transaction is expected to close around the end of the first quarter of calendar year 2026, subject to receipt of required regulatory approvals, Waters shareholder approval, and satisfaction of other customary closing conditions.

For Inquiries:

DDr. Clemens Philipp Schindler, LL.M.
Partner
clemens.schindler@schindlerattorneys.com
T +43 1 512 2613 205

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