Danaher Making U.K. Buy

Danaher expects to close the $634 million deal in the first half of the year.
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Danaher (DHR) - Get Report agreed to pay $634 million for First Technology of Egham, U.K.

The Washington-based instrument maker said the offer price includes $189 million of debt assumption. Danaher expects to close the deal in the first half of the year.

"The combination of Danaher and First Technology makes strong strategic and economic sense," said CEO Lawrence Culp Jr. "Given our broad knowledge of First Technology as well as our ongoing professional relationship with the company developed over many years, we believe this combination will leverage the strengths of both companies in portable gas sensing. In addition, we believe that we can strengthen First Technology's business by applying the Danaher Business System as well as by providing First Technology with access to additional capital to continue and to accelerate its growth. We believe that First Technology will be an excellent addition to our Electronic Test business and we look forward to working with this talented organization."

First Technology subsidiaries operate in three business sectors: gas sensing (sensors and instrumentation), automotive and special products, and safety and analysis.

On Friday, Danaher fell 58 cents to $55.02.