PerkinElmer to Acquire Caliper for $600 Million
Approximately 35% of the transaction will be funded by cash with the remainder funded by a public debt offering. On its conference call regarding the transaction, PerkinElmer stated that it expects the acquisition to increase organic growth by 100 basis points in 2012 and that PerkinElmer’s bottom line will be helped by Caliper’s tax losses. PerkinElmer stressed that the majority of the synergies will focus on revenue growth.
Waltham, MA 9/8/11—PerkinElmer has agreed to acquire Caliper Life Sciences for $10.50 per share, a 42% premium over the closing price on September 7, for a total net purchase price of $600 million in cash. Caliper Life Sciences is a provider of microfluidic, molecular imaging and sample preparation technologies. “The acquisition of Caliper Life Sciences brings innovative molecular imaging and detection technologies to our portfolio, complementing our world-leading offerings in life science, diagnostics, environmental and food markets,” stated PerkinElmer Chairman and CEO Robert F. Friel. The acquisition is expected to be dilutive to PerkinElmer’s 2012 GAAP EPS by $0.05 and accretive to its 2012 First Call consensus adjusted EPS by $0.08. Caliper CEO Kevin Hrusovsky is anticipated to join the PerkinElmer senior leadership team. The transaction is expected to close in the fourth quarter. (For more, see page 1.)
