Acquisitions · Medical diagnostics
PHC Holdings buys Thermo Fisher's anatomical pathology business for $1.14 billion
- Buyer
- PHC Holdings (formerly Panasonic Healthcare) (Tokyo)
- Target
- Thermo Fisher Scientific's Anatomical Pathology business, Waltham, Massachusetts
- Value
- About $1.14B in cash
- Status
- Agreed on January 28, 2019; completed on June 28, 2019.
- Date
- 2019-01-28
PHC Holdings, the former Panasonic Healthcare, agreed to buy the Anatomical Pathology business of Thermo Fisher Scientific for about $1.14 billion in cash. The business makes microscope slides, instruments and consumables used in pathology labs. It has about 1,200 employees in the US, Europe and China, and 2018 revenue of about $350 million.
Why it matters
The purchase added a diagnostics business with global reach to PHC, whose existing lines include diabetes care and life-science equipment. For Thermo Fisher, it was a sale of a non-core unit within its specialty diagnostics segment.
The buyer
PHC Holdings was set up in 2014 and took its current name in April 2018, after being called Panasonic Healthcare Holdings. Its subsidiaries include PHC Corporation and Ascensia Diabetes Care. It reported consolidated net sales of ¥192.6 billion for fiscal 2017 and sells in more than 125 countries. The pathology business it bought had sat within Thermo Fisher's specialty diagnostics segment, with operations in the US, Europe and China.
Closing
Thermo Fisher expected the deal to close in the second quarter of 2019, subject to regulatory approvals, and said the sale would reduce its 2019 adjusted earnings per share by about $0.10. The sale was completed on June 28, 2019.
Sources
Kakehashi M&A News home
