Tools & CXO: The inflection point: revisiting our preferred plays

Research evidence excerpt

Tools & CXO: The inflection point: revisiting our preferred plays

M&A deals in 2026

Date (closure date, Acquiring Recurring revenue Transaction

unless specified) company Target company Business segment Key assets acquired Key financials/synergies exposure Acquisition rationale price

9 February 2026 Waters Becton, Dickinson Biosciences and Acquired flow cytometry Waters expects transaction to generate More than 80% of its To reposition Waters from a cUSD17.5bn

Corporation and Company's Advanced Diagnostics instruments, reagents, single-cell USD200m in annual cost synergies by third revenue comes from predominantly analytical instruments (Reverse Morris

(BD) Biosciences multiomics tools, and clinical year post closing, driven by site recurring franchise into a more diversified global Trust structure)

& Diagnostic microbiology solutions to expand rationalization, procurement optimization and consumables and life science and diagnostic company.

Solutions (BDS) recurring revenue and clinical commercial infrastructure streamlining. In services With entry into high growth adjacencies

business channel access addition to USD290m revenue synergies by such as flow cytometry and mass spec

year five. The transaction doubles Water´s diagnostics, in addition to unlocking

total addressable market to USD40bn cross selling opportunities in pharma

clinical labs and bioanalytical

10 June 2026 Danaher Masimo Diagnostics segment Acquired advanced pulse Danaher expects Massimo to deliver high- NA Expands product line diversity with cUSD9.9bn

Corporation Corporation oximetry, specialty patient single digit core revenue growth over the long sensor technology and AI patient (cash and

monitoring, non-invasive blood term, be accretive to adjusted diluted EPS by monitoring issuance of long