Waters Corporation Completes Acquisition of Light Scattering Leader Wyatt Technology
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Waters™ Corporation (NYSE:WAT) announced it has completed its acquisition of Wyatt Technology, a developer of innovative light scattering and field-flow fractionation instruments, software, accessories and services.
With more than 80% of its rapidly growing revenues tied to large molecule applications, Wyatt accelerates Waters’ ability to build a high-growth business in bioanalytical characterization for new modalities. This includes cell and gene therapies, which represents a significant opportunity with a $1.8 billion total addressable market and 10-12% projected annual growth[i].
“We are pleased to complete the acquisition of Wyatt, which is a significant milestone for Waters as we advance our strategy to accelerate value creation and generate faster growth,” said Dr. Udit Batra, President and CEO, Waters Corporation. “With Wyatt, we are even better positioned to solve our customers’ critical challenges with differentiated bioanalytical characterization techniques. We welcome the Wyatt team to Waters and look forward to facilitating a smooth integration process and working together to deliver an unmatched set of bioanalytical characterization solutions to our global customers.”
As previously announced, the transaction is expected to be immediately accretive to Waters’ revenue growth and margin profile. Additionally, Waters expects to generate over $70 million in annual revenue synergies by the fifth year following transaction close. The transaction is also expected to be accretive to Waters’ adjusted earnings per share beginning in Q1 2024 and to deliver a high single-digit plus adjusted return on invested capital in year five, net of tax.
[i] Waters internal estimates based on consulting data, industry reports, and market research.