NEW YORK – Danaher announced Friday it has priced 9,509,203 shares of common stock at $163 per share and 1,550,000 shares of mandatory convertible preferred stock at $1,000 per share.
The net proceeds from the common stock offering are expected to be $1.5 billion, and the proceeds from the mandatory convertible preferred stock offering are expected to be $1.51 billion. The underwriters have separate 30-day options to purchase an additional 1,426,379 shares of common stock and 167,500 shares of mandatory convertible preferred stock. If those options are exercised in full, the proceeds will be $1.73 billion and $1.67 billion respectively.
The offerings are scheduled to close on May 12. Goldman Sachs, JP Morgan, Citigroup, Credit Suisse, and Evercore are the joint book-running managers for the offerings.
Danaher said the funds will be used for general corporate purposes, including funding potential future acquisitions, capital expenditures, refinancing of debt, share repurchases, and dividends.