03:21 PM EST, 02/25/2025 (MT Newswires) -- Thermo Fisher Scientific ( TMO ) has agreed to acquire Solventum's ( SOLV ) purification and filtration business for about $4.1 billion in cash, as the medical-device manufacturer looks to expand its bioprocessing portfolio.

The business offers filters and membranes for use in the manufacturing of biopharmaceutical and medical technologies, microelectronics and food, beverage products and drinking water. The business generated revenue of about $1 billion last year, Thermo Fisher said Tuesday.

"The addition of Solventum's ( SOLV ) business is an outstanding strategic fit with our company and will create significant value for our customers and shareholders," Thermo Fisher Chief Executive Marc Casper said in a statement.

Solventum ( SOLV ) shares were up 9.2% in Tuesday afternoon trade, while Thermo Fisher rose 0.9%.

"The sale of the purification & filtration business is part of phase three of our transformation plan and follows a thorough analysis of the value and strategic alignment of our businesses," Solventum ( SOLV ) CEO Bryan Hanson said in a separate statement. "This transaction will enhance our strategic focus and key metrics."

The business will become part of Thermo Fisher's life sciences solutions segment and is expected to generate mid- to high-single digit organic growth, the company said. Thermo Fisher expects the deal to be dilutive to adjusted per-share earnings by $0.06 in the first year of ownership. Excluding financing costs, it is expected to be accretive by $0.28 in that period.

By year five following the deal's completion, the company expects about $125 million of adjusted operating income from revenue and cost synergies.

Separately, Solventum ( SOLV ) said it forecasts the sale to generate net proceeds of $3.4 billion, which it plans to use mainly to pare debt. The company projects the deal to be neutral to 2025 EPS. Solventum ( SOLV ), which was spin-off from industrial conglomerate 3M ( MMM ) in April, is scheduled to report its fourth-quarter results Thursday.

Solventum ( SOLV ) and Thermo Fisher expect the deal to complete by the end of this year, subject to regulatory approvals.

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