Danaher Corporation priced a €3 billion euro‑denominated senior notes offering on April 22, 2026, with net proceeds estimated at €2.98 billion after underwriting discounts and fees. The offering is expected to close on April 29, 2026, subject to customary closing conditions.
The proceeds will be used to pay a portion of the cash consideration for the acquisition of Masimo Corporation, a $9.9 billion deal that is expected to be accretive to Danaher’s adjusted earnings per share in the first full year after completion. The financing also supports general corporate purposes, including refinancing, working capital, capital expenditures and other obligations.
Danaher’s purchase of Masimo is positioned as a strategic fit that will expand its diagnostics portfolio. The company plans to apply its Danaher Business System to Masimo’s operations, leveraging global scale to accelerate the reach of Masimo’s patient‑monitoring and pulse‑oximetry technologies. Analysts noted that the $180 per share offer price represents a significant premium over Masimo’s pre‑announcement market price, while the increased debt load raises concerns about leverage and valuation.
Market reaction to the financing announcement reflected the broader sentiment surrounding the Masimo acquisition. Masimo’s shares surged after the deal was announced, while Danaher’s stock experienced a decline, prompting one analyst to downgrade the company from “buy” to “hold.” The reaction was driven by the premium paid, the size of the transaction, and the impact on Danaher’s debt profile.
"We are excited to welcome the Masimo team and view this as an exceptional strategic fit," said Danaher CEO Rainer M. Blair. "The acquisition will expand our reach and improve patient outcomes." Executive Vice President for Diagnostics Julie Sawyer Montgomery added, "Masimo’s technology brings powerful new capabilities to our diagnostics portfolio." Masimo CEO Katie Szyman described the merger as an "ideal fit" that will strengthen the company’s ability to scale monitoring technologies globally.
The senior notes are structured with multiple tranches and maturities, and include a special mandatory redemption clause that triggers if the Masimo acquisition is not completed by a specified date. This clause places refinancing and liquidity risk on Danaher should the merger fail, underscoring the company’s commitment to completing the transaction.
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