Thermo Fisher Gets Clearance From EC For Pending Life Technologies' Acquisition

(RTTNews) - Laboratory equipment maker Thermo Fisher Scientific (TMO) said it has received approval from the European Commission or EC for its pending acquisition of Life Technologies Corp. (LIFE). In order to accelerate the approval, Thermo Fisher has committed to divest of its cell culture (sera and media), gene modulation and magnetic beads businesses. Combined, these businesses had revenue of around $225 million in 2012.

The acquisition is subject to additional regulatory approvals, including the U.S. Federal Trade Commission or FTC. Based on its talks with the FTC, Thermo Fisher does not believe any additional divestures would be required to receive U.S. approval. The company said it is working with the regulatory agencies to close the transaction at the earliest possible, and still expects to close in early 2014.