Thermo Fisher Scientific agrees to sell 3 businesses to GE Healthcare for $1.06b

File photo.
File photo.

Thermo Fisher Scientific Inc., the $13 billion Waltham company focused on life sciences tools, said Monday it has agreed to sell its cell culture, gene modulation, and magnetic beads businesses to GE Healthcare, a unit of General Electric Co., for about $1.06 billion.

In a press release, Thermo Fisher said that it committed to sell these businesses to expedite approval of its pending $13.6 billion acquisition of Life Technologies Corp. by the European Commission. The Life Technologies sales agreement was announced last April. At that time, a Wall Street analyst said that the deal, when completed, would transform Thermo Fisher from the 800-pound gorilla in the lab equipment market to King Kong.

Thermo Fisher said Monday that it still expects Life Technologies transaction to close in early 2014.

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As for the businesses it has agreed to sell to GE Healthcare, Thermo Fisher said they are expected to have combined revenue of about $250 million in 2013.