Waters and BD Join Forces to Double Market Reach

Deal News | Jul 14, 2025 | PR Newswire Cision Waters Corporation; BD (Becton, Dickinson and Company)

Waters Corporation and BD's Biosciences & Diagnostic Solutions business have announced a definitive agreement to merge through a Reverse Morris Trust transaction. This merger is set to form an innovative leader in life sciences and diagnostics with cutting-edge technologies and a promising financial outlook. The transaction, valued at approximately $17.5 billion, will double Waters’ total addressable market to around $40 billion, with anticipated sales of $6.5 billion and adjusted EBITDA of about $2.0 billion by 2025. After completion, the combined company is expected to hold a major presence in high-growth markets and generate substantial shareholder value through complementary technology offerings and strategic expansion into new markets. Significantly, the combination is slated to generate over $345 million in annualized EBITDA synergies by 2030, delivering mid-teens EPS growth and strategic advantages by uniting existing assets with new opportunities from BD's strong regulatory and clinical domain expertise.

Sectors

  • Life Sciences
  • Diagnostics
  • Healthcare

Geography

  • United States – Both Waters Corporation and BD have their headquarters in the United States and the combined company will maintain significant operations here.

Industry

  • Life Sciences – The merger involves companies that are prominent in life sciences, including applications in bioseparations and bioanalytical characterization.
  • Diagnostics – BD's Diagnostic Solutions plays a significant role in the merger, enhancing offerings in clinical and diagnostic markets.
  • Healthcare – Both companies aim to serve healthcare-related sectors, providing innovative diagnostics and medical technology solutions.

Financials

  • $17.5 billion – Transaction value of the Reverse Morris Trust merger.
  • $40 billion – The total addressable market that the combined entity will command.
  • $6.5 billion – Pro forma expected sales of the combined company in 2025.
  • $2.0 billion – Pro forma adjusted EBITDA expected for the combined company in 2025.
  • $345 million – Expected annualized EBITDA synergies by 2030.
  • $4 billion – Cash distribution BD will receive prior to completion of the transaction.

Participants

NameRoleTypeDescription
Waters CorporationAcquirerCompanyWaters Corporation is a global leader in analytical instruments and software, serving various scientific sectors with a strong emphasis on pioneering technologies.
BD (Becton, Dickinson and Company)Acquired BusinessCompanyBD's Biosciences & Diagnostic Solutions includes immunology and cancer research solutions with a focus on life sciences and diagnostics.
BarclaysFinancial AdvisorCompanyBarclays is providing financial advisory services to Waters for the transaction.
Kirkland & Ellis LLPLegal AdvisorCompanyLegal counsel to Waters Corporation in the merger transaction.
CitiFinancial AdvisorCompanyCiti is acting as the lead financial advisor to BD for this transaction.
EvercoreFinancial AdvisorCompanyEvercore also serves as a financial advisor to BD.
Wachtell, Lipton, Rosen & KatzLegal AdvisorCompanyLead legal counsel to BD in the transaction.
Udit BatraCEOPersonPresident and Chief Executive Officer of Waters Corporation, who will lead the combined entity.
Tom PolenCEOPersonChairman, CEO and President of BD, involved in executing the merger strategy.