06:59 AM EDT, 07/14/2025 (MT Newswires) -- BD's (BDX) biosciences and diagnostic solutions business has agreed to combine with Waters (WAT), the companies said Monday.

The deal is structured as a Reverse Morris Trust transaction valued at about $17.5 billion.

BD's shareholders are expected to own about 39% of the merged entity, with existing Waters shareholders to account for the rest. BD will receive a cash distribution of about $4 billion before the deal's completion, the companies said.

The combined company is expected to generate pro forma revenue of about $6.5 billion and $2 billion in pro forma adjusted EBITDA for 2025. The deal is expected to be accretive to adjusted per-share earnings in the first year post-closing.

The merged entity will continue to operate under the Waters name and retain its listing on the New York Stock Exchange under the WAT ticker symbol.

The companies expect the deal to close around the end of Q1, subject to Waters shareholder approval and other conditions.

Waters shares were down 5.9% in recent premarket activity, while BD fell 2.2%.