Life science research and diagnostics solutions provider Bruker Corporation (Nasdaq:BRKR) said on Wednesday that it has signed a deal to acquire ELITechGroup for EUR870m in cash, excluding the carved-out ELITech clinical chemistry business.

The agreement with TecFin S.à r.l., a controlled affiliate of private equity firm PAI Partners, comes after Bruker previously exercised a put option with the sellers, pending workers' council consultations in France and the Netherlands.

ELITechGroup, a molecular diagnostics (MDx) specialist, has over 500 employees and 40 active patents. It specialises in MDx systems and assays, as well as biomedical and microbiology products.

The acquisition is projected to close in Q2 2024, subject to regulatory approvals, the clinical chemistry business carve-out, and customary closing conditions.

ELITechGroup's 2023 revenues, excluding clinical chemistry, totalled approximately EUR150m. ELITechGroup's core MDx business, contributing the majority of its revenue, features the InGenius and BeGenius sample-to-answer systems, catering to mid-to-high throughput MDx needs, primarily in Europe and Latin America.

Upon completion, ELITechGroup will operate as a stand-alone entity within Bruker's Microbiology and Infection Diagnostics division, bolstering the Bruker CALID Group.