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Thermo Fisher Scientific, Roper Technologies Terminate Gatan Acquisition
Tuesday 11 June 2019

11 June 2019 - Massachusetts, US-based life science company Thermo Fisher Scientific Inc.'s (NYSE: TMO) and recently-acquired Roper Technologies (NYSE: ROP) have mutually terminated the agreement under which Thermo Fisher would have acquired Roper's Gatan, Inc., subsidiary, the companies said.
Both companies have agreed to withdraw from the proposed transaction due to challenges in obtaining regulatory approval in the United Kingdom.
The companies noted that an existing long-term supply agreement, under which Gatan supplies filter systems, cameras and software to Thermo Fisher's electron microscopy business, remains intact.
Last December, Thermo Fisher warned the acquisition of Gatan required further review by the Competition and Markets Authority in the UK.
That October, the UK CMA said it was considering whether it is or may be the case that the pending acquisition will result in the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
Both parties continue to work cooperatively with the CMA through the review process. All other regulatory approval conditions have been satisfied.
Under the deal, Thermo Fisher Scientific was to pay USD 925m for the business.
Upon completion of the transaction, Gatan would have become part of Thermo Fisher's Analytical Instruments Segment.
Thermo Fisher said adding Gatan's technologies to its electron microscopy portfolio will enhance customer offerings by creating an integrated system that seamlessly connects microscope hardware, software and accessories.
Thermo Fisher Scientific Inc. has revenues of more than USD 20bn and approximately 70,000 employees globally.
Roper Technologies operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets.
Gatan is a manufacturer of instrumentation and software used to enhance and extend the operation and performance of electron microscopes. Gatan's technologies are used in materials science, electronics and life sciences to enable electron microscopy workflows from specimen preparation and manipulation to imaging and analysis.
These solutions, which are platform agnostic, include filter systems, cameras and proprietary software. With approximately 320 employees globally.
Date Published: 11/06/2019
Target: Gatan
Country: USA
Deal Size: 925m (USD)
Sector: Machinery/Engineering
Type: Corporate acquisition
Financing: Cash
Status: Terminated
Buyer: Thermo Fisher Scientific