Thermo Fisher Scientific Inc., the $13 billion Waltham company focused on life sciences tools, said Monday it has agreed to sell its cell culture, gene modulation, and magnetic beads businesses to GE Healthcare, a unit of General Electric Co., for about $1.06 billion.
In a press release, Thermo Fisher said that it committed to sell these businesses to expedite approval of its pending $13.6 billion acquisition of Life Technologies Corp. by the European Commission. The Life Technologies sales agreement was announced last April. At that time, a Wall Street analyst said that the deal, when completed, would transform Thermo Fisher from the 800-pound gorilla in the lab equipment market to King Kong.
Thermo Fisher said Monday that it still expects Life Technologies transaction to close in early 2014.
As for the businesses it has agreed to sell to GE Healthcare, Thermo Fisher said they are expected to have combined revenue of about $250 million in 2013.