Friday, October 31st8.0°C
23696
23129

Thermo Fisher selling some businesses to GE unit for about $1.06 billion

WALTHAM, Mass. - Scientific instrument maker Thermo Fisher is selling its cell culture, gene modulation and magnetic beads businesses to a General Electric Co. division for approximately $1.06 billion.

The businesses, which had combined annual revenue of about $250 million in 2013, will become part of GE Healthcare's life sciences unit.

GE said that the transaction allows it to expand its offering of technologies for the discovery and manufacturing of new medicines, vaccines and diagnostics in its life sciences business.

GE said the deal is expected to close in the first part of 2014.

Thermo Fisher Scientific Inc. said Monday that it is selling the businesses to speed up European Commission approval of its pending $13.6 billion acquisition of Life Technologies Corp. The company said that deal still needs approval from the Federal Trade Commission, but that based on talks with the FTC, it doesn't believe any additional asset sales will be needed to receive U.S. approval.

Thermo Fisher said it is working with remaining jurisdictions to get the necessary approvals to complete the Life Technologies buyout as soon as possible. It still expects the deal to close early this year.

Shares of GE gained 8 cents to $27.56 in premarket trading. Thermo Fisher shares closed at $110.05 on Friday.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14613.32+154.63
S&P CDNX769.59-2.06
DJIA17390.52195.10
Nasdaq4630.742+64.604
S&P 5002018.05+23.40
CDN Dollar0.88750.00
Gold1166.30-32.2999
Oil80.55-0.35
Lumber325.70+2.10
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.125+0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.18+0.03
Cantex0.045-0.015
Anavex Life Sciences0.185+0.0139
Metalex Ventures0.03-0.005
Russel Metals32.85+0.63
Copper Mountain Mining2.09+0.12
Colorado Resources0.125-0.015
ReliaBrand Inc0.015+0.003
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.39+0.015

 



22970

FEATURED Property
191299210890 Highway 97N, Lake Country
5 bedrooms 6 baths
$999,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


23091