The sale process included both strategic and private equity suitors, the source said, requesting anonymity as these discussions were confidential. The sale marked the conclusion of a strategic review where other options, including a spinoff of the units, were also considered, according to a source familiar with the matter. Diagnostics will generate around 60% of the company’s 2022 estimated revenue of $3.3 billion, while life sciences will account for the remainder.
Proceeds from the divestiture will be used to invest in growth in the life sciences and diagnostics segments and to fund future acquisitions, PerkinElmer (NYSE: PKI) said. Last week, 3M Co announced it would spin off its healthcare unit, while Labcorp agreed to separate its clinical development business.ĭirect lenders led by Owl Rock Capital (NYSE: ORCC) Corp helped finance the deal entirely, amid a slowdown in the business of acquisition financing as both traditional and direct lenders have pulled back from lending on leveraged buyouts in recent weeks. The latest deal is among a wave of recent corporate carve-outs and spinoffs.
(Reuters) -PerkinElmer Inc on Monday agreed to sell three of its businesses to private equity firm New Mountain Capital for up to $2.45 billion in cash, as it looks to focus on its life sciences and diagnostics businesses under a new name. FILE PHOTO: A sign marks a PerkinElmer facility in Boston, Massachusetts, U.S., May 15, 2020.