Original from: 360dx
Bruker has entered into an agreement with private equity firm PAI Partners to purchase EliTechGroup, PAI announced on Wednesday.
According to a form 8-K dated Dec. 26 filed with the US Securities and Exchange Commission, Bruker will pay PAI €870 million ($967 million) for EliTechgroup. Bruker submitted a put option letter last week, which contains a 12-month exclusivity period, according to the SEC document.
Before the acquisition can be completed, the social and economic committee of Elitech must be informed and consulted and the Dutch Works Council must be consulted for advice on the carve out of EliTechGroup's clinical chemistry systems business, which Bruker will not acquire.
The deal will be funded with cash on hand and is subject to closing conditions, including regulatory approvals and notices, Bruker said in the SEC document.
Puteaux, France-based EliTechGroup offers instruments and reagents for the molecular diagnostics, clinical chemistry, biomedical systems, and microbiology markets. It has been under PAI's ownership since 2017, the private equity firm noted in a statement.
"EliTech is an agile, research-driven company and this sale to a leading strategic player is a testament to the quality of the business," Stefano Drago, a partner at PAI, said in a statement. "We have every confidence that Bruker will continue the company's trajectory of innovation and leadership."
On deadline, Bruker did not respond to a request for comment.
