TESSCO TECHNOLOGIES, INC.
(NASDAQ: TESS), the world’s leading provider of high-tech gene-related products, has announced the company’s acquisition of the United Technologies Corporation (UTX) for $5.5 billion.
The transaction, which will also include the acquisition of Tessco’s portfolio of products and services, was announced today by CEO Mark Nesbitt and CEO Tom Schulte.
The combined entity will be the world-leading provider of DNA sequencing and other gene-based technology, with global operations.
The acquisition includes: $4.5 million in cash and approximately $2 billion in assets as of January 31, 2019.
Tessco will acquire United Technologies Corp., the world leader in gene-testing technology.
UTSC is a global leader in its own right, with operations in more than 140 countries and a network of more than 3,200 labs across North America, Europe, Asia, and Latin America.
The company has been operating for more than a century.
In its most recent fiscal year, UTSCs gross revenue was $2.5 trillion.
The acquisition will expand the Tessco family of technologies, which include: The UTSS Genome™ platform provides a full suite of tools to the genetic testing industry, including tools for gene-specific, single-nucleotide polymerase chain reaction (PCR), DNA sequencing, and other genetic tests.
UtsS Genomics is a proprietary platform with extensive industry expertise, including data management, software development, and operations.
Tessco Genomics offers a range of products for both general and personalized testing.
UTSC has also recently announced plans to introduce a new technology called a genetic microarray (GMAT), which allows for fast and accurate sequencing of DNA from the individual genome.
A majority of the assets in the transaction will remain Tessco stock, which is expected to be valued at $2,000 per share.
Tessos Genome technology has been the cornerstone of UTSs genetic testing portfolio since the company was founded in 1967.
The product has grown to include DNA-based testing of more over 2,600 tests, including over 6,000 tests in 2017 alone.
The new acquisition is expected for completion in 2019.
The full transaction details will be announced in a press release soon.
Read more: Tessco Technology, Inc. stock price, U.S. News & World Report, UBS