BD (Becton, Dickinson and Company) announced the completion of the spin-off of its Biosciences & Diagnostic Solutions business and its combination with Waters Corporation, finalizing a transaction that values the business at approximately $18.8 billion. Under the deal, BD shareholders received about 0.135 Waters shares per BD share and BD received $4 billion in cash, with BD shareholders owning roughly 39.2% of the combined company on a fully diluted basis. BD plans to use $2 billion of the proceeds for accelerated share repurchases and $2 billion for debt reduction, positioning the company as a more focused pure-play MedTech firm. The transaction marks the completion of BD’s 2025 strategy and is intended to support long-term growth through innovation, connected care, and operational excellence.

Source: PRNewswire, February 9, 2026