TORONTO (S&P Global Ratings) April 15, 2021--S&P Global Ratings today said that its ratings and outlook on Thermo Fisher Scientific Inc. (BBB+/Positive/A-2) are unchanged following the company's announced agreement to acquire Wilmington, N.C.-based PPD Inc. for a total cash purchase price of $17.4 billion (plus the assumption of approximately $3.5 billion of net debt). The proposed acquisition has been approved by the boards of both companies and is subject to the satisfaction of customary closing conditions, including the receipt of applicable regulatory approvals. We expect the acquisition to close by the end of 2021 and anticipate PPD will become part of Thermo Fisher's Laboratory Products and Services segment. While the proposed acquisition is large, it is within our estimate of
