April 14 (Reuters) - French testing and laboratory services provider Eurofins has agreed to sell its electrical and electronic testing unit to UL Solutions for an enterprise value of 575 million euros
Eurofins to sell electrical testing unit to UL Solutions for $677 million
Eurofins Divests Electrical and Electronic Testing Unit
April 14 (Reuters) - France's Eurofins has agreed to sell its electrical and electronic testing unit to UL Solutions for an enterprise value of 575 million euros ($677 million), it said on Tuesday.
Market Reaction
Shares in the testing and laboratory services provider rose 4.3% by 0725 GMT and were on track for their best trading day since January 5.
Strategic Rationale for the Sale
Focus on Core Businesses
The divestment of MET Labs will allow Eurofins to focus capital on its core testing businesses in the food, environmental and pharmaceutical sectors, it said in a press release.
Use of Sale Proceeds
Debt Reduction and Share Buybacks
Eurofins said it would use the sale proceeds for debt reduction, share buybacks, strategic acquisitions and investments in artificial intelligence and robotics. It had confirmed nTUAC3M6HW its 2027 and mid-term financial goals in January.
Deal Timeline and Additional Information
The deal is expected to close by the end of 2026.
($1 = 0.8498 euros)
(Reporting by Dimitri Rhodes in Gdansk, editing by Milla Nissi-Prussak)
