Thermo Fisher Scientific Headquarters ()
Health care company Thermo Fisher Scientific said Monday it has agreed to sell three units to General Electric for roughly $1.06 billion in cash.
Waltham, Mass.–based Thermo Fisher will sell its cell culture, gene modulation and magnetic beads businesses to GE, which will fold the units into its GE Healthcare division. In its own announcement of the deal, GE said that by adding the units—which combined to generate nearly $250 million in revenue last year—it will expand its existing medical diagnostic technology business.
The deal is expected to close in “early 2014,” pending regulatory approval, according to Thermo Fisher’s announcement.
Hogan Lovells is advising GE on the purchase, according to a source close to the transaction. A Hogan Lovells spokesman did not immediately respond to a request for comment.
As we have previously reported, GE CEO Jeffrey Immelt is the brother of Hogan Lovells global litigation cohead Stephen Immelt, who is set to take over as the firm’s CEO next summer. Hogan Lovells has advised GE on a variety of matters in the past, including the financing of a $122 million Mongolian wind farm project in 2012. GE’s general counsel is former Goodwin Procter partner Brackett Denniston III.
Thermo Fisher has turned to longtime counsel Wilmer Cutler Pickering Hale and Dorr for legal advice on the sale of the three units. Boston-based corporate partner Hal Leibowitz, who cochairs the firm’s M&A group, is leading a Wilmer deal team that also includes corporate partners Jeffrey Hermanson and Joseph Conahan. Tax partner Robert Burke, compensation and benefits partner Amy Null, IP partner Steven Barrett and real estate partners Keith Barnett and Paul Jakubowski are also advising on the deal. Seth Hoogasian serves as Thermo Fisher’s general counsel.
Wilmer and Wachtell, Lipton, Rosen & Katz served as outside counsel to Thermo Fisher earlier this year on the company’s acquisition of biotechnology company Life Technologies Corp. in a deal worth $15.8 billion, including assumed debt. Wilmer’s previous work for Thermo Fisher includes representing the company on its $3.5 billion purchase of diagnostics maker Phadia Group in 2011.