Danaher 2011 Annual Report Download - page 76

Table of Contents
The Company paid approximately $5.5 billion in cash (net of approximately $450 million of cash acquired) to acquire all of the outstanding shares of
common stock of Beckman Coulter and assumed approximately $1.6 billion of indebtedness in connection with the acquisition. The Company financed the
acquisition of Beckman Coulter using (1) approximately $2.3 billion of available cash, (2) net proceeds, after expenses and the underwriters’ discount, of
approximately $966 million from the underwritten public offering of the Company’s common stock on June 21, 2011, (3) net proceeds, after expenses and
the underwriters’ discount, of approximately $1.8 billion from the underwritten public offering of senior unsecured notes on June 23, 2011, and (4) net
proceeds from the sale of additional commercial paper under the Company’s U.S. commercial paper program prior to the closing of the acquisition.
In addition to the acquisition of Beckman Coulter, during 2011, the Company completed the acquisition of thirteen other businesses (including the acquisition
of EskoArtwork, a leading full service solutions provider for the digital packaging design and production market), for total consideration of $669 million in
cash, net of cash acquired. The additional businesses acquired manufacture and distribute products and/or provide services in the product identification,
water quality, life sciences and diagnostic, test and measurement, retail petroleum and dental markets and were acquired to complement existing units of the
Industrial Technologies, Environmental, Dental, Life Sciences & Diagnostics and Test & Measurement segments. The aggregate annual sales of the
businesses acquired at the time of their respective acquisitions, in each case based on the acquired company’s revenues for its last completed fiscal year prior
to the acquisition, were approximately $325 million. The Company preliminarily recorded an aggregate of $419 million of goodwill related to these
acquisitions.
On January 30, 2010, the Company completed the acquisition of the Analytical Technologies division of MDS Inc., which included a 50% ownership position
in the AB Sciex joint venture and a 100% ownership position in Molecular Devices. In a separate but related transaction, the Company simultaneously
completed the acquisition of the remaining 50% ownership position in AB Sciex from Life Technologies Corporation. The aggregate cash purchase price for the
combined transactions was approximately $1.0 billion, including debt assumed and net of cash acquired. The Company funded the purchase price for these
transactions from available cash on hand. The acquired entities had aggregate annual sales of approximately $650 million based on the acquired businesses’
revenues in their respective most recently completed fiscal years prior to the acquisitions.
AB Sciex and Molecular Devices operate within the Company’s Life Sciences & Diagnostics segment. The acquisition of AB Sciex and Molecular Devices
significantly expanded the Company’s position in the life sciences and diagnostics business and in particular established a position in the mass spectrometry
market.
In addition, during 2010, the Company completed the acquisition of seventeen other businesses for total consideration of approximately $1.1 billion in cash,
net of cash acquired. Each company acquired manufactures products and/or provides services in the test and measurement, dental, environmental, life science
and diagnostics, sensors and controls or product identification markets. These businesses were acquired to complement existing businesses of the Life
Sciences & Diagnostics, Test & Measurement, Dental, Environmental, and Industrial Technologies segments. The aggregate annual sales of the additional
seventeen acquired businesses at the time of their respective acquisitions, in each case based on the company’s revenues for its last completed fiscal year prior
to the acquisition, were approximately $440 million. The Company recorded approximately $1.2 billion of goodwill in connection with its 2010 acquisitions,
including AB Sciex and Molecular Devices.
The Company acquired fifteen businesses during 2009 for total consideration of approximately $704 million in cash, net of cash acquired. Each company
acquired manufactures products and/or provides services in the life sciences, dental, product identification, environmental or test and measurement markets.
These businesses were acquired to complement existing businesses of the Life Sciences & Diagnostics, Dental, Industrial Technologies, Environmental and
Test & Measurement segments. The aggregate annual sales of these fifteen acquired businesses at the time of their respective acquisitions, in each case based
on the company’s revenues for its last completed fiscal year prior to the acquisition, were approximately $425 million. The Company recorded approximately
$423 million of goodwill in connection with its 2009 acquisitions.
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Source: DANAHER CORP /DE/, 10-K, February 24, 2012 Powered by Morningstar® Document Research℠
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