Dynamic Healthcare M&A Database

Acquiring Party	Thermo Electron Corporation (NYSE: TMO), a leading producer of anlytiical instruments, scientific equipment, services and software solutions for life science and industrial laboratories.
Transferring Party	Fisher Scientific International Inc. (NYSE: FSH ), a leading provider of products and services to the scientific community.
Sector	Diagnostics
Date	November 9, 2006
Analysis Will create the leading provider of laboratory products and services in the laboratory and health sciences industries. Complementary lines in instrumentation, consumables, software and services. Expected to generate $200m in synergies, with combined company estimated to have more than $9b in revenues and $1b in cash flow in 2007. Deal price -- $10.6b in Thermo stock. Fisher revenue and EBITDA were $5.7b (1.9x) and $964m (11x), respectively.
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 © 2004-2007 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 - 4Q06