Italian diagnostics group DiaSorin to buy Luminex for $1.8 bln

April 11 (Reuters) – Italian diagnostics group DiaSorin SpA said on Sunday it will acquire U.S. based Luminex Corp for $1.8 billion in an all-cash deal that will strengthen DiaSorin’s molecular diagnostics technology.

Luminex shareholders will receive $37 for each of Luminex share, DiaSorin said in a statement.

The transaction, which will be funded through a mix of cash and external financing, will be immediately accretive to DiaSorin’s earnings per share, it said.

Following the deal, the combined entity will have 2020 revenues of about 1.25 billion euros ($1.49 billion), DiaSorin said.

Luminex, whose technology is used to detect presence of COVID-19 antibodies in people, manufactures and sells proprietary biological testing technologies and products.

The transaction is expected to close within the third quarter of 2021, creating synergies of about $55 million within 3 years after closing.

Luminex did not immediately respond to request for comment. ($1 = 0.8406 euros) (Reporting by Maria Ponnezhath in Bengaluru. Editing by Jane Merriman)

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