Dynamic Healthcare M&A Database

Acquiring Party	Agilent Technologies Inc. (A), a $4.8b provider of communications, electronics and life sciences technology and chemical analysis.
Transferring Party	Varian, Inc. (VARI), a supplier of scientific instruments, vacuum technologies and consumables.
Sector	Diagnostics
Date	July 27, 2009
Analysis A major step in Agilent’s transformation into a leading bio-analytical measurement company to augment its position in electronic measurement. Broadens its application offerings in life sciences, environmental, energy and materials. Also expands its reach into atomic and molecular spectroscopy; establishes a leading position in NMR (nuclear magnetic resonance), and vacuum technologies; and strengthens its consumables portfolio. Deal value -- $1.5b on $890m in sales (1.68x)and $123.4m in EBITDA (12.2x). $75m in annual cost synergies expected, with Agilent’s projecting a 20% return on invested capital within 4-5 years.
The Walden Group is a leading healthcare investment banking firm specializing in mergers, acquisitions and strategic transactions. It also invests its own funds and, together with its expert operational partners, provides value-added services to help special companies reach critical milestones. This information is copyright © 2004-2010 The Walden Group, Inc. This information is provided as a service to the public but remains the intellectual property of The Walden Group, Inc and may not be reproduced in any manner without the written permission of The Walden Group, Inc. The information contained in the transactions table was derived from publicly available and other sources. Transaction analysis and other information are based, in part, upon public comments, Walden Group research and judgments, and reporting and research of others. The information is not intended to be relied upon as pronouncements by the transaction participants or for any other reason.

Dynamic Healthcare M&A Database - 3Q09