M&A · Healthcare · Electromedical & Electrotherapeutic Apparatus
Danaher Corp to acquire Masimo Corp
Announced Feb 17, 2026 · Closed Jun 10, 2026
Deal value$9.90BEV $9.92B
Premium38.0%To unaffected price
EV / Adj. EBITDA—5.8x EV / Revenue
ConsiderationAll cash$180.00 per share
Transaction
- Acquirer
- Danaher Corp (DHR)
- Target
- Masimo Corp (MASI)
- Buyer type
- Strategic
- Offer price per share
- $180.00
- Enterprise value
- $9.92B
- Status
- Closed Jun 10, 2026
Deal protections
- Break fee (target pays)
- $305M · 3.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Citigroup
- To the target
- Centerview
Sector context · Healthcare
- Comparable deals
- 93 in the prior 24 months
- Premium
- 38.0% vs. 60.5% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 3.1% vs. 3.4% sector median
Timeline
- AnnouncedFeb 17, 2026
- Proxy filedMar 18, 2026
- Definitive proxyApr 1, 2026
- Shareholder voteMay 1, 2026
- ClosedJun 10, 2026
Valuation · fairness opinions
Trading comparables$113.00$158.00
Precedent transactions$122.00$186.00
Discounted cash flow$165.00$212.00
Precedent transactions$156.00$182.00
Offer $180.00
Implied value per Masimo Corp share by analysis, from Centerview · DCF discount rate 10.75%–11.75%.