BD in the $17.5 billion combination of its Biosciences & Diagnostic Solutions Business with Waters Corporation

On July 14, 2025, Becton, Dickinson and Company (NYSE: BDX) and Waters Corporation (NYSE: WAT) announced a definitive agreement to combine BD’s Biosciences & Diagnostic Solutions Business with Waters to create an innovative life science and diagnostics leader with pioneering technologies.  The transaction is structured as a tax-efficient Reverse Morris Trust Transaction valuing BD’s Biosciences & Diagnostic Solutions Business at approximately $17.5 billion.  BD will receive $4 billion in cash and BD’s shareholders will own approximately 39.2% of the combined company, with Waters’ existing shareholders owning approximately 60.8% of the combined company.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to BD.