Life sciences and diagnostics firm Bruker has entered into a definitive share purchase agreement with Paris-based private equity firm PAI Partners to acquire molecular diagnostics firm ELITechGroup, excluding its ELITech clinical chemistry business.
Bruker had previously entered into a put option agreement with PAI Partners, pending workers’ council consultations in France and the Netherlands. This put option, having now been exercised, places the parties into a binding share purchase agreement.
In a statement, Bruker said that it will pay 870 million euros ($943 million), funding the acquisition with cash on hand and established debt financing. Bruker expects to close the transaction in the second quarter of 2024, following the carve-out of the ELITech clinical chemistry business. The acquisition is subject to regulatory approvals and other customary closing conditions.
ELITechGroup (excluding its clinical chemistry business) generated approximately 150 million euros ($163 million) in revenues in 2023; further financial details will be provided after the closing of the transaction. The firm develops and commercializes molecular diagnostic systems and assays, as well as biomedical systems and microbiology products, including consumables.
Upon closing, ELITechGroup is expected to be a standalone business within Bruker’s microbiology and infection diagnostics division.
