BREAKINGVIEWS-Danaher’s $10 bln M&A pivot demands faith

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+0.57%

Masimo Corporation

MASI

175.49

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Danaher Corporation

DHR

187.32

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Robert Cyran

NEW YORK, Feb 17 (Reuters Breakingviews) - A post-Covid slump challenged the serial acquirer’s playbook of buying profitable biological product makers. A Masimo deal changes focus to patient monitoring. The switch and the seller’s odd history explain adverse investor reactions. Opportunism doesn’t imply lack of targets.

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CONTEXT NEWS

Danaher said on February 17 that it had agreed to buy Masimo, a company that makes patient monitoring systems, in a $9.9 billion deal including debt. Danaher will pay $180 for each share of Masimo, a premium of 38% to their closing price on February 13, the last day of trading before the deal was announced.

Citigroup served as financial advisor to Danaher, with Goldman Sachs providing advisory support. Centerview Partners served as advisor to Masimo, with Morgan Stanley also providing advice.

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