Danaher-Tektronix Deal Creates Testing Products Giant
October 19, 2007
Citing potential “synergies and cost savings,” industrial conglomerate Danaher Corp. is poised to acquire test and measurement giant Tektronix for $2.8 billion.
The Washington, D.C.-based company’s portfolio includes a wide variety of medical technologies, industrial tools and defense and aerospace products. Tektronix will join Danaher’s Fluke Networks operation, doubling Danaher’s industrial test products business.
Tektronix is “well-positioned in the high-growth market it serves,” holding the top spot in a majority of its product areas, said a Danaher spokesman. He particular noted opportunities for growth in so-called 3G wireless applications and voice-over-IP.
The deal positions Danaher as the world leader in the test-and-measurement industry, he said.
The board of directors of Tektronix, based in Beaverton, Ore., unanimously recommended that stockholders approve the offer of $38 per share, a 34 percent premium over the stock price before the announcements.