Medical devices maker Thermo FisherScientific (TMO) - Get Report  arranged to buy microscopy specialist FEI (FEIC) for $4.2 billion.

The Waltham, Mass. buyer said it will offer $107.50 a share for FEI and add the business to its analytical instruments division. The price is just under 14% more than FEI's $94.58 share price Thursday before trading was suspended.

Hillsboro, Ore.-based FEI had revenue of $930 million last year, compared with just under $17 billion for Thermo Fisher. The buyer said the purchase will add a complementary electron microscopy line to Thermo Fisher's spectrometry products, expand its presence in the materials science market and boost its adjusted earnings per share by 30 cents in the first full year. (Thermo Fisher's adjusted earnings per share were $7.39 in 2015).

"The addition of FEI's leading electron microscopy platform is an outstanding strategic fit with our company and will create significant value for our customers and our shareholders," said Thermo Fisher President and CEO Marc N. Casper in a statement.

Thermo Fisher expects to realize total synergies of about $80 million by year three following the close, consisting of about $55 million of cost savings and $25 million deriving from revenue benefits.

The transaction, which is expected to be completed by early 2017, needs FEI shareholder approval as well as regulatory clearances.

Thermo Fisher intends to use proceeds from committed debt financing and cash on hand to pay for FEI.

Thermo Fisher is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells TMO? Learn more now.