After weeks of negotiations, Johnson & Johnson (NYSE:JNJ) announced a binding offer to sell its ortho-clinical diagnostics unit to private equity firm Carlyle Group in a deal worth $4.15 billion.
Carlyle snaked the business away from several other PE groups who submitted 1st-round bids in September, according to anonymous sources who at the time named Blackstone Group, Kohlberg Kravis Roberts, Bain Capital and BC Partners as other prospective buyers.
J&J pursued a 2nd round of bids in November, when word on the street was that Danaher (NYSE:DHR) and Blackstone Group had joined forces to pursue a buyout.
The Carlyle deal, subject to regulatory review, is slated to close some time mid-2014. J&J promised to discuss the transaction further during its upcoming quarterly earnings meeting next week.
The ortho-clinical diagnostics business is a major global player in screening, diagnostics, monitoring and disease identification. Carlyle said it plans to push expansion into emerging and established markets and to make "accelerated" investments in research and product development.
Carlyle will pay for the transaction with equity from its $13 billion Carlye Partners VI U.S. Buyout fund, according to a statement.