Fisher and Apogent merge to form $5.1 billion company.
Including debt, the deal is estimated at $3.7 billion. Apogent fiscal 2003 revenues totaled $1.097 billion (see IBO 11/15/043). Fisher highlighted the increased cash flow, enhanced global presence, greater service capabilities, expanded biotech production and diagnostic reagent offerings as well as the operational and product synergies the merger enables. Following the merger, Fisher will have $2.7 billion in net debt and four Apogent board members will join its board. The merger is forecasted to be 4% to 5% accretive to earnings per share in 2005. On its conference call, Fisher estimated that the life science market was growing 10% to 12%. Interestingly, Fisher maintained its guidance of organic growth of 6% to 6.5% for 2004. Fisher is Apogent's largest customer
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|Title Annotation:||Executive briefing: news, trends & market intelligence for instrument executives; Fisher Scientific International Inc., Apogent Technologies Inc.|
|Publication:||Instrument Business Outlook|
|Date:||Mar 31, 2004|
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