WAT - Waters to acquire Wyatt Technology for $1.36B

• Waters ( NYSE: WAT ) is set to acquire the light scattering technology and advanced software solutions provider Wyatt Technology for $1.36B in cash, subject to certain adjustments.
• Waters will fund the acquisition through cash on its balance sheet and existing borrowing capacity available on its revolving credit facility.
• In connection with the acquisition, the company will suspend its share repurchase program through the remainder of 2023.
• The acquisition is expected to close in Q2.
• Wyatt, a privately-held family company, had reported 2022 revenues of ~$110M.
• The acquisition is immediately accretive to Waters' revenue growth and margin profile, with Wyatt having a three-year compound annual growth rate of 20%.
• Also, Waters is expected to generate over $70M in annual revenue synergies by the fifth year, following transaction close.
• The transaction is also expected to be accretive to the acquirer's EPS from Q1 2024.
• Shares were trading -2.16% pre-market.
• Source: Press Release

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