Life Technologies Buys KDR Biotech
The Wall Street Journalcalls Carlsbad, Calif.-based Life Technologies an $11 billion "company you never heard of." As the Journal reports, a buyout group including private-equity powerhouses Blackstone , Carlyle Group , and KKR is putting together an $11 billion bid to acquire the lab research equipment manufacturer. But as it turns out, Life is doing a bit of acquiring itself.
On Friday, Life announced that it has purchased South Korean reagents distributor KDR Biotech, its own primary distributor on the Korean Peninsula, for an undisclosed sum. Life averred in a statement that it will continue selling plastic ware and similar products -- which it does not itself produce but which KDR had been in the business of distributing -- in South Korea going forward. Life also intends to absorb all of KDR's current employees, and to also take on its CEO as an "external advisor" during the integration process.
Life Technologies shares gained 1.8% on Friday, closing at $68. The company currently commands an $11.6 billion market capitalization, higher even than the Journal's reported buyout offer from Life's private-equity suitors.
The article Life Technologies Buys KDR Biotech originally appeared on Fool.com.Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.