General Electric Shells Out $1.06B for Thermo Fisher Units

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General Electric (NYSE:GE) is in acquisitions mode this year. Its latest deal is with Thermo Fisher Scientific  (NYSE:TMO), which GE reached an agreement with to buy its cell culture, gene modulation, and magnetic beads businesses for $1.06 billion, reports Bloomberg.

The businesses will become part of GE Healthcare and will help the company offer new medicines, vaccines, and diagnostics, according to a statement the company released on Monday. Margins and earnings of the company’s healthcare unit are expected to improve this year. GE’s healthcare unit currently comprises approximately 13 percent of the company’s total revenue.

“Life sciences is one of our fastest-growing business areas, driven by the world’s demand for improved diagnostics and new, safer medicines,” said John Dineen, chief executive of GE Healthcare, per The New York Times, ”This deal makes a good business even better and will help us realize our vision of bringing better health care to more people at lower cost.”

Thermo Fisher is currently the world’s largest supplier of lab testing equipment. Last year, the business’s three units that GE is acquiring had combined revenue of $250 million, per General Electric.

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