PerkinElmer to Focus on Life Sciences & Diagnostics

PerkinElmer has announced its intention to divest its Applied, Food and Enterprise Services businesses to New Mountain Capital, a private equity firm, for a total consideration of $2.45 billion in cash, $2.30 billion of which will be received at the closing and $150 million of which will be payable contingent on the exit valuation New Mountain Capital receives on a sale or other capital events related to the business.

PerkinElmer’s CEO and President, Prahlad Singh said, “Today’s announcement is a pivotal step in the significant portfolio transformation we have been executing on over the last several years. Following the close of the transaction, we will be a pure-play, high growth, high margin Life Sciences and Diagnostics company with unique scale. The Company’s increased financial strength will support accelerated investment into attractive end markets across science and disease, and drive advanced research, discovery, and improve global health.”

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