Tektronix owner makes $300m bid for Keithley
Test market is about to get a new major player as Danaher agrees to acquire Keithley Instruments in a deal estimated to $300m.
The US-based industrial group already owns Tektronix and Fluke and so a merger with Keithley would create a major test and measurement company, to rival Agilent Technologies in a range of product areas.
Danaher bought Tektronix for $2.8bn in 2007.
“Along with Fluke and Tektronix, Keithley further solidifies Danaher’s leading position in the test and measurement industry and presents an attractive value creation opportunity,” said Jim Lico, executive v-p at Danaher.
Danaher said Keithley will become part of with its Tektronix business.
According to Joseph P. Keithley, chairman, president and CEO of Keithley: “Danaher has a great history of nurturing leading brand names within the test and measurement industry and we look forward to joining the Danaher team.”
The acquisition is subject to customary closing conditions, including the receipt of regulatory approvals and adoption of the merger agreement by Keithley’s shareholders, and is expected to be completed during the fourth quarter of calendar 2010.