PerkinElmer Accelerates Transformation Into High Growth, High Margin Life Sciences and Diagnostics Company
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PerkinElmer, Inc. (NYSE: PKI) has announced it has entered into an agreement with the intention to divest its Applied, Food and Enterprise Services businesses to New Mountain Capital for total consideration of
“Today's announcement is a pivotal step in the significant portfolio transformation we have been executing on over the last several years," said
The Company’s business following the close of the transaction will consist of its Life Sciences and Diagnostics businesses. Together, these businesses are expected to generate approximately
Singh continued, "This milestone has been made possible by the hard work of our nearly 17,000 employees across the globe. It is a validation of our people and the incredible businesses we have built. With this transaction, the Applied, Food and Enterprise Services businesses are gaining a partner who is committed to building on their record of success. Upon closing of the transaction, I believe both organizations will benefit significantly from increased focus and aligned investment on their unique market opportunities.”
Additional Transaction Details
The transaction is expected to close in the first quarter of 2023, subject to regulatory approvals and other customary closing conditions.
Upon closing of the transaction, the PerkinElmer name and brand are expected to be retained by the Analytical, Food, and Enterprise Services businesses under its new ownership. The Company’s Life Sciences and Diagnostics businesses will adopt a new name and stock ticker that will be announced at a later date. This science-first Life Sciences and Diagnostics company will continue to be led by the existing PerkinElmer senior management team and will be acutely focused on driving accelerated innovations for customers leading to faster growth, elevated profitability, and a best-in-class financial profile overall.
The Analytical, Food, and Enterprise Services businesses that are intended to be divested are expected to generate approximately