Shearman & Sterling is advising long-time client Corning Incorporated in connection with its execution of a definitive agreement to acquire a majority of BD's (Becton, Dickinson and Company) Discovery Labware unit for a purchase price of $730 million, payable in cash. The acquisition is expected to be completed later this year, subject to customary closing conditions, including receipt of regulatory approvals.
Corning Incorporated is the world leader in specialty glass and ceramics. Drawing on more than 160 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences.
The Shearman & Sterling team included partners Clare O'Brien (New York-Mergers & Acquisitions) and David Connolly (New York-Mergers & Acquisitions), as well as partners Laurence Bambino (New York-Tax), John Cannon (New York-Executive Compensation & Employee Benefits), Jessica Delbaum (New York-Antitrust), and Iain Scoon (London-Tax); counsel Ethan Harris (Washington, DC-Tax), Simon Letherman (London-Tax), and Sam Whitaker (London-Executive Compensation & Employee Benefits); and associates Vittorio Cottafavi (New York-Antitrust), Tammara Fort (New York-Mergers & Acquisitions), Tim Franklin (New York-Intellectual Property Transactions), Meghan Moore (New York-Mergers & Acquisitions) and Cody Wright (New York-Mergers & Acquisitions).