US EditionWaters Inks $17.5B Merger with Division of BD
MILFORD, MASSACHUSETTS, JUL 14 – The $17.5 billion Reverse Morris Trust deal will create a leading diagnostics firm with expected 2025 sales of $6.5 billion and over 70% recurring revenue, doubling Waters' market size.
- On July 14, 2025, Waters Corporation and BD announced the combination, valuing the deal at about $17.5 billion, creating a life science and diagnostics leader.
- Aiming at regulated markets, the deal brings complementary technologies to serve high-volume testing, offering best-in-class tools and doubling Waters’ total addressable market.
- According to projections, pro forma revenue of about $6.5 billion and $2.0 billion in adjusted EBITDA for 2025, with approximately $200 million of cost synergies by year three.
- During market open, Waters shares fell more than 11%, and BD shares dropped about 1%, and companies will host a joint conference call at 8:00 a.m. ET today.
- Subject to regulatory and shareholder approvals, Udit Batra will lead the combined company with Amol Chaubal as CFO around the end of the first quarter of 2026.
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MSNWaters and Biosciences & Diagnostic Solutions unit to combine for $17.5B
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Leaning Left2Leaning Right1Center3Last UpdatedBias Distribution50% Center
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R 17%
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