Thermo Fisher Scientific’s Life Technologies takeover receives EU clearance

Thermo Fisher Scientific has been granted European regulatory approval for its pending acquisition of Life Technologies.

The $13.6 billion (8.4 billion pounds) takeover, which was agreed in April 2013, has been given the go-ahead by the European Commission, meaning the transaction is still on course to be finalised early next year.

In order to accelerate the approval process, Thermo Fisher Scientific has agreed to sell off its cell culture (sera and media), gene modulation and magnetic beads businesses, which generated a combined revenue total of approximately $225 million in 2012.

The acquisition remains subject to additional regulatory approvals, including from the US Federal Trade Commission, but discussions with the body thus far suggest Thermo Fisher will not need to commit to any further divestitures in order for the deal to be ratified in the US.

Marc Casper, president and chief executive officer of Thermo Fisher Scientific, said in April: "We are extremely excited about this transaction because it creates the ultimate partner for our customers and significant value for our shareholders."