The European Union approved Agilent Technologies’ approval to purchase Varian Inc. (NASDAQ: VARI) on Thursday, but ordered the sale of units from both companies to eliminate antitrust speculation, according to Associated Press.
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The European Commission said Agilent (NYSE: A) has agreed to divest it and Varian's gas chromatography businesses to ease tension that the deal would combine close competitors for some scientific instruments.
EU approval paves the way for Agilent to close the $1.5 billion deal it announced in July. Agilent estimates $75 million in cost savings from the combination.
Varian reported $1.01 billion in revenue in fiscal 2008. Scientific instruments accounted for $838.7 million in sales.
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