The Federal Trade Commission agreed to the $1.5 billion merger
of Agilent Technologies Inc. (A) and Varian Inc. (VARI) as long as
they sell three product lines.
Agilent, which makes machines to analyze DNA, chemicals and
other items, reached a deal to buy testing-equipment maker Varian
last summer, but the FTC said the acquisition would have violated
U.S. antitrust laws by reducing competition for three types of
scientific-measurement instruments because the companies compete
with one another in those markets.
Under a deal announced Friday, Agilent agreed to sell assets
that make and sell micro gas chromatography instruments to Inficon
Holding AG (IFCN, IFCN.EB). Varian will divest to Bruker Corp.
(BRKR) two product lines, one for triple quadrupole gas
chromatography-mass spectrometry instruments and another for
inductively coupled plasma-mass spectrometry instruments. The sales
must be completed within 10 days.
The order also gives the FTC the right to appoint an interim
monitor to oversee the sale of the assets and ensure that the
commission is kept fully informed about the sales. The FTC approved
the settlement unanimously.
In a separate release Friday, Agilent said most of Varian's
remaining product lines will join the company's chemical-analysis
group, while a few key business will join the life-sciences group.
Chief Executive Bill Sullivan said the takeover, the company's
biggest ever, furthers its "evolution toward becoming a global
leader in bioanalytical measurement."
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com