Waters Corporation Secures Shareholder Approval for BD Combination
1. A Major Step Forward
Waters Corporation (NYSE: WAT) has achieved a significant milestone in its strategic growth journey. On January 27, 2026, the Company announced that its shareholders overwhelmingly approved the issuance of shares of Waters common stock to Becton, Dickinson and Company (NYSE: BDX) ("BD") shareholders as part of the proposed combination with BD's Biosciences & Diagnostic Solutions business. This decision marks a pivotal moment as Waters aims to expand its presence in life sciences and diagnostics.
2. Overwhelming Support from Shareholders
The Special Meeting of Shareholders held on the same day revealed that approximately 99% of shares present, either in person or by proxy, voted in favor of the transaction. Udit Batra, Ph.D., President and CEO of Waters Corporation, expressed gratitude for the shareholder support, emphasizing that this approval positions the Company to move closer to closing the transaction. He stated, “With this milestone complete, our focus is on closing the transaction and ushering in the next chapter of growth and innovation as a differentiated leader in life sciences and diagnostics.”
3. Regulatory and Tax Developments
In addition to shareholder approval, Waters and BD have received all necessary regulatory approvals to proceed with the transaction. BD has also secured a favorable Private Letter Ruling from the Internal Revenue Service, clarifying the U.S. federal income tax consequences associated with the merger. The transaction is expected to close on February 9, 2026, pending the satisfaction of customary closing conditions.
4. Upcoming Financial Results
Waters Corporation is scheduled to release its Q4 2025 financial results on February 9, 2026, coinciding with the anticipated closing of the BD transaction. A conference call will take place at 8:30 a.m. Eastern Time, where management will discuss the financial outcomes and implications of the merger. Investors and interested parties will be able to access a live webcast of the presentation via Waters’ Investor Relations website.
5. The Bigger Picture
This merger not only signifies Waters' commitment to growth but also reflects the broader trend in the life sciences sector toward consolidation and collaboration. By integrating BD's Biosciences & Diagnostic Solutions business, Waters aims to enhance its capabilities and deliver greater value to patients, customers, employees, and shareholders.
In conclusion, the approval from shareholders is a testament to Waters Corporation's strategic vision and the potential synergies that the merger with BD's business can unleash. As the closing date approaches, all eyes will be on Waters to see how this transformative transaction shapes the future of the company and the broader life sciences landscape.
