Waters, BD Bioscience deal ‘looks to be a good fit,’ says Stifel

Waters (WAT) announced that it is combining with BD’s (BDX) Bioscience and Diagnostics business in a tax-efficient Reverse Morris Trust transaction that is valued at roughly $17.5B, marking a major strategic step for Waters, as the deal is large and transformative, Stifel analyst Daniel Arias tells investors in a research note. The move looks to be a good fit, though the size and complexity of the deal has to be acknowledged, Stifel says.