Danaher’s $21.4 Billion Acquisition of General Electric BioPharma Business

Kirkland & Ellis and WilmerHale advised Danaher Corporation Paul, Weiss advised General Electric on the deal

Danaher Corporation (NYSE: DHR) has entered into a definitive agreement with General Electric Company (“GE”) (NYSE: GE) to acquire the Biopharma business of GE Life Sciences (“GE Biopharma”) for a cash purchase price of approximately $21.4 billion. Given anticipated tax benefits from the transaction structure, the net purchase price is approximately $20 billion. This represents a multiple of approximately 17 times expected 2019 EBITDA for GE Biopharma.

GE Biopharma is a leading provider of instruments, consumables, and software that support the research, discovery, process development and manufacturing workflows of biopharmaceutical drugs. The business is comprised of process chromatography hardware and consumables, cell culture media, single-use technologies, development instrumentation and consumables, and service. GE Biopharma is expected to generate annual revenue of approximately $3.2 billion in 2019, with approximately 75% of these revenues considered recurring.

The business will be established as a stand-alone operating company within Danaher’s $6.5 billion Life Sciences segment, joining the Company’s Pall, Beckman Coulter Life Sciences, SCIEX, Leica Microsystems, Molecular Devices, Phenomenex and IDT businesses.

Kirkland & Ellis advised Danaher Corporation on the deal with a team including Michael Brueck (Picture), Daniel Wolf and James Hu and associate Francisco Morales.

Paul, Weiss advised General Electric with a team including M&A partners Scott Barshay, David Klein and Steven Williams; tax partners Jeffrey Samuels and Scott Sontag; intellectual property partner Claudine Meredith-Goujon and counsel Jonathan Ashtor; and employee benefits partner Lawrence Witdorchic and counsel Jason Ertel.

Involved fees earner: Michael Brueck – Kirkland & Ellis; James Hu – Kirkland & Ellis; Francisco Morales Barron – Kirkland & Ellis; Daniel Wolf – Kirkland & Ellis; Jonathan Ashtor – Paul Weiss Rifkind Wharton & Garrison; Scott Barshay – Paul Weiss Rifkind Wharton & Garrison; Jason Ertel – Paul Weiss Rifkind Wharton & Garrison; David M. Klein – Paul Weiss Rifkind Wharton & Garrison; Claudine Meredith-Goujon – Paul Weiss Rifkind Wharton & Garrison; Jeffrey Samuels – Paul Weiss Rifkind Wharton & Garrison; Scott Sontag – Paul Weiss Rifkind Wharton & Garrison; Steven Williams – Paul Weiss Rifkind Wharton & Garrison; Lawrence Witdorchic – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Kirkland & Ellis; Paul Weiss Rifkind Wharton & Garrison;

Clients: Danaher Corporation; General Electric (GE);