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Agilent Technologies has agreed to acquire Varian, the supplier of scientific instrumentation for life science and applied market applications, in a deal valued at $1.5bn.
The deal is the latest step in Agilent's progress to strengthen its business in the bio-medical sector which is seen as having high growth potential.
“This acquisition is a major step in Agilent’s transformation into a leading bio-analytical measurement company,” said Bill Sullivan, Agilent’s president and CEO.
“While we continue to be a world leader in electronic measurement, our biggest opportunities for future growth are in bio-analytical measurement," said Sullivan.
As well as broadening Agilent’s product offerings in life sciences, environmental and energy, it also expands the test firm's position in atomic and molecular spectroscopy.
A particular strength of California-based Varian is in NMR, imaging and vacuum technologies.
Agilent will pay $52 cash per share of common stock for Varian in a transaction that represents a premium of approximately 35% to Varian’s closing price on July 24.
Both company board of directors have unanimously approved the all-cash offer.
Once the acquisition has been completed, Adrian Dillon, Agilent’s executive vice president and chief financial officer, will assume responsibility for combining Varian with Agilent’s Bio-Analytical Measurement segment consistent with Agilent’s operating model.