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Home Investing Acquisitions

Fortive Announces Acquisition Of Landauer For $770 Million

by Jay Helton
September 7, 2017
1 min read
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On September 6, 2017, Fortive Corporation (NYSE: FTV) announced that it had entered into a definitive merger agreement with Landauer (NYSE: LDR). Under the terms of the condition, Fortive will acquire Landauer by making a cash tender offer to acquire all of the company’s outstanding shares of common stock at a price of $67.25 per share. This will equate to a total cost of roughly $770 million, including assumed indebtedness and net of acquired cash.

Landauer provides subscription-based technical and analytical services designed to help determine occupational and environmental radiation exposure. The firm, which is headquartered in Glenwood, Illinois, generated annual revenues of $143 million in 2016. More than 80% of those revenues were considered by the company to be recurring.

After the closing of the acquisition, Landauer will be absorbed by Fortive’s Field Solutions platform within its Professional Instrumentation segment. On August 25, 2017, Fortive completed their acquisition of Industrial Scientific. Both company’s Board of Directors have already approved the acquisition. Landauer’s Board of Directors has recommended that shareholders tender their shares into the offer.

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Fortive anticipates to finance the transaction using available cash and credit. It expects the transition to be completed by the end of 2017.

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