Waters Corporation and BD (Becton, Dickinson and Company) have announced a definitive agreement to merge BD’s Biosciences & Diagnostic Solutions (BDS) business with Waters in a $17.5 billion Reverse Morris Trust transaction.
The deal combines Waters’ strength in liquid chromatography and mass spectrometry with BD’s capabilities in flow cytometry and diagnostics, doubling Waters’ total addressable market to about $40 billion. BD first revealed plans to divest the unit earlier this year, with speculation around multiple buyers.
Leaders expect the combination to deliver $200 million in cost synergies by year three, growing to $345 million in annualized EBITDA synergies by 2030. BD will receive a $4 billion cash distribution, using at least half for share buybacks and the rest for debt repayment.
Waters CEO Udit Batra will lead the combined company, which aims to accelerate growth in bioseparations, bioanalytical characterization and multiplex diagnostics. The transaction is expected to close by Q1 2026, pending approvals.
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