danaher M&A Multiples Paid — EV/Revenue & EV/EBITDA on recent deals
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I'll analyze Danaher's M&A multiples paid on recent deals. Let me first search for relevant M&A information in their SEC filings.# Danaher M&A Multiples Paid — EV/Revenue & EV/EBITDA on Recent Deals
Recent Acquisition Activity (FY2022–FY2024)
Based on Danaher's 10-K filings, the company completed the following acquisition activity. Note that Danaher does not disclose detailed target-level financials (revenue, EBITDA) for individual deals, so a precise EV/Revenue and EV/EBITDA multiple cannot be calculated from filings alone. Instead, what is disclosed is aggregate consideration, aggregate goodwill, and where applicable, the target's pre-acquisition revenue.
| Year | Deal(s) | Headline Purchase Price | Target Disclosed Revenue | Implied EV/Revenue | Target EBITDA Disclosed? |
|---|---|---|---|---|---|
| 2024 | 3 businesses (Life Sciences bolt-ons) | $558M cash (aggregate) | Not disclosed | n/a | No |
| 2023 | Abcam plc (closed Dec 6, 2023) | ~$5.6B cash | £362M (~$445M) | ~12.6x | No |
| 2022 | 10 businesses (across 4 segments) | $637M cash (aggregate) | ~$91M (aggregate) | ~7.0x (aggregate) | No |
| 2022 | 7 businesses (revised count in later filings) | $582M cash (aggregate) | ~$58M (aggregate) | ~10.0x (aggregate) | No |
Key Historical Anchor Deals (FY2020–FY2021)
| Year | Deal | Purchase Price | Target Revenue | Implied EV/Revenue |
|---|---|---|---|---|
| 2021 | Aldevron, L.L.C. | ~$9.6B cash | ~$300M (2020) | ~32.0x |
| 2020 | Cytiva (GE Biopharma) | ~$20.7B cash (net of $0.1B cash) + $0.4B pension | Not disclosed in filings | n/a |
Goodwill as % of Purchase Price (Proxy for Premium Paid Over Net Assets)
| Deal | Cash Consideration | Goodwill Recorded | Goodwill % |
|---|---|---|---|
| Abcam (2023) | ~$5.6B | ~$3.9B | ~70% |
| Aldevron (2021) | ~$9.6B | ~$7.1B (Life Sciences) | ~74% |
| 2024 bolt-ons (3 deals) | $558M | $305M | ~55% |
| 2022 bolt-ons (10 deals) | $637M | $427M | ~67% |
A higher goodwill-to-purchase-price percentage typically indicates a richer revenue/EBITDA multiple paid relative to the target's net tangible asset base.
Danaher Standalone Trading Reference (FY2024)
To size what these acquisition multiples imply versus Danaher's own valuation:
| Metric | FY2024 |
|---|---|
| Revenue | $23.9B |
| EBITDA | ~$7.7B (approx., based on disclosed data) |
| Net Income (cont. ops) | ~$3.9B |
Important Caveats
- Target-level EBITDA is not disclosed for any of Danaher's recent acquisitions, so an EV/EBITDA multiple cannot be reliably calculated from public filings for Abcam, Aldevron, Cytiva, or the bolt-on deals.
- The 2022 10-K initially cited "10 businesses for $637M"; the 2023 10-K restated this as "7 businesses for $582M" — these reflect revised/refined acquisition accounting.
- The Abcam £362M revenue figure is in GBP; USD conversion at the time of acquisition (late 2023, GBP/USD ~1.22–1.27) implies ~$445M, supporting the ~12.6x EV/Revenue estimate.
- Cytiva's revenue was not disclosed in Danaher's filings (the deal closed in early 2020 before full pro-forma detail was published); analysts at the time estimated Cytiva revenue at ~$3.3B, implying ~6x EV/Revenue.
- Danaher's 2024 and 2025 acquisition activity included smaller Life Sciences bolt-ons; for any deals larger than the Abcam-sized threshold, additional multiples would require external M&A databases (e.g., Mergermarket, S&P Capital IQ).
Sources
- Danaher 2024 10-K, Note 2 (Acquisitions) and MD&A cash flow discussion
- Danaher 2023 10-K, Note 2 (Acquisitions)
- Danaher 2022 10-K, Note 2 (Acquisitions)
about 4 hours ago