Astorg III, FCPR, managed by Astorg Asset Management S A.R.L. signed a definitive agreement to acquire Global Microbiology Business from Thermo Fisher Scientific Inc. for approximately $1.1 billion.
Astorg III, FCPR, managed by Astorg Asset Management S A.R.L. signed a definitive agreement to acquire Global Microbiology Business from Thermo Fisher Scientific Inc. (NYSE:TMO) for approximately $1.1 billion on April 27, 2026. The consideration of approximately $1.075 billion, consisting of cash and a $50 million seller note. The business generated approximately $650 million in revenue in 2025 and is part of Thermo Fisher's Specialty Diagnostics segment. Through the transaction, Thermo Fisher?s microbiology business will become an independent, privately owned platform, backed by Astorg. Through this partnership, Astorg will support the microbiology business? next phase of development as an independent platform, focusing on accelerating organic growth, executing M&A, and further strengthening operational capabilities.
Thermo Fisher anticipates closing the transaction in the second half of 2026, subject to customary closing conditions and applicable regulatory approvals. The transaction is expected to be dilutive to adjusted earnings per share1 by $0.15 in the first full year following the close. Adjusted earnings per share is a non-GAAP measure that excludes certain items detailed later in this press release under the heading "Use of Non-GAAP Financial Measures.
For Thermo Fisher, Cravath, Swaine & Moore LLP is serving as principal deal counsel, Axinn, Veltrop & Harkrider LLP as regulatory counsel, Hogan Lovells as ex-US counsel, and Perella Weinberg Partners and Wells Fargo as financial advisors. For Astorg, Evercore and Moelis are serving as financial advisors and Latham as legal counsel.
Thermo Fisher Scientific Inc. specializes in the design, manufacturing and marketing of laboratory and scientific equipments. Net sales (including intragroup) break down by family of products as follows:
- laboratory equipments (73.2%). Moreover, the group proposes chemical products (reagents, solvent, salts, etc.), consumable products (tubes, funnels, vials, etc.), as well as conditioning, warehousing, storage, etc.;
- scientific analysis equipments (16.7%): analyzer (of water, gas, grounds, etc.), mass spectrometers, molecular spectroscopes, microscopes, manometers, samplers, microbiology equipments, reactive agents, etc.;
- diagnostics equipment and products (10.1%).
Net sales break down by source of revenue between sales of products (58.4%) and services (41.6%).
Net sales break down geographically as follows: North America (52.5%), Europe (25.3%), Asia/Pacific (18.6%) and other (3.6%).
This super rating is the result of a weighted average of the rankings based on the following ratings: Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite) and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be carried out. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of rankings based on the following ratings: Returns (Composite), Profitability (Composite) and Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully read the associated descriptions.
ESG MSCI
ESG MSCI
The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
Astorg III, FCPR, managed by Astorg Asset Management S A.R.L. signed a definitive agreement to acquire Global Microbiology Business from Thermo Fisher Scientific Inc. for approximately $1.1 billion.
