Thermo Fisher selling some assets to GE for $1.06B

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Associated Press

Posted on January 6, 2014 at 6:02 AM

Updated Monday, Jan 6 at 6:03 AM

WALTHAM, Mass. (AP) — Scientific instrument maker Thermo Fisher is selling its cell culture, gene modulation and magnetic beads businesses to a General Electric Co. division for approximately $1.06 billion.

The businesses will become part of GE Healthcare's life sciences unit.

Thermo Fisher Scientific Inc. said Monday that it is selling the businesses to speed up European Commission approval of its pending $13.6 billion acquisition of Life Technologies Corp. The company said that deal still needs approval from the Federal Trade Commission, but that based on talks with the FTC, it doesn't believe any additional asset sales will be needed to receive U.S. approval.

Thermo Fisher said it is working with remaining jurisdictions to get the necessary approvals to complete the Life Technologies buyout as soon as possible. It still expects the deal to close early this year.

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