German pharmaceutical company Merck has entered into an agreement to buy up tech firm Millipore.
It will acquire all of Millipore’s shares for $107 ($70) per share cash, valuing the deal at around $7.2bn including net debt. Merck said it is confident the deal will go ahead later this year.
The news follows a statement last week by Millipore saying it was seeking a buyout or merger in order to “enhance shareholder value”.
Goldman has been appointed as adviser to the deal and Cravath, Swaine & Moore will provide legal advice.
US based Millipore is a manufacturer of biotech-equipment used in the pharmaceutical industry. It employs more than 6,000 staff worldwide.