Danaher Corp to Acquire Masimo for $9.9B

By Chris Stiles • Tuesday, February 17 13:48 • Permanent Link

Danaher Corporation has announced its definitive agreement to acquire Masimo Corporation for $180 per share in cash, resulting in a total enterprise value of approximately $9.9 billion. The transaction multiple is approximately 18x estimated 2027 EBITDA, or 15x 2027 estimated EBITDA including the full benefit of expected annual synergies.

Upon completion of the acquisition, Masimo is expected to be a standalone operating company within Danaher’s diagnostics segment, alongside Radiometer, Leica Biosystems, Cepheid, and Beckman Coulter Diagnostics. Masimo is expected to be accretive to adjusted diluted net earnings per common share by $0.15 to $0.20 in the first full year and approximately $0.70 in the fifth full year following completion of the acquisition.

Furthermore, Masimo is anticipated to deliver high-single digit core revenue growth over the long term, which will accelerate Danaher’s diagnostics segment core revenue growth profile. Under Danaher’s ownership, Masimo is expected to generate EBITDA of more than $530 million in 2027. Additionally, Danaher expects to realize more than $125 million of annual cost synergies and more than $50 million of annual revenue synergies by the fifth full year following completion of the acquisition.

The transaction is expected to close in the second half of 2026 and is subject to customary conditions, including receipt of applicable regulatory clearances and Masimo shareholder approval. Danaher plans to fund the acquisition using cash on hand and proceeds from debt financing.

Following these announcements, the company's shares moved -1.63%, and are now trading at a price of $235.99. For more information, read the company's full 8-K submission here.

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