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PerkinElmer Latest to Shed Assets as Companies Reassess Global Portfolios

Steven Klinsky, founder and CEO of New Mountain Capital, which said it would buy pieces of PerkinElmer on Monday. 

Steven Klinsky, founder and CEO of New Mountain Capital, which said it would buy pieces of PerkinElmer on Monday. 

Photographer: Christopher Goodney/Bloomberg

Hi, it’s Michelle in New York and happy Merger Monday. Welcome to today’s edition of the Deals newsletter where I’ll tell you about an interesting twist in how a large carveout today was structured. We also have a fresh chip deal brewing.

Today's top stories

Investors welcomed PerkinElmer’s announcement today that it’s divesting its applied, food and enterprise businesses to private equity firm, New Mountain, as it looks to become a “pure-play” life sciences and diagnostics company. It’s the latest example of big strategics selling or spinning off non-core assets to become more focused companies, a trend keeping us busy even as M&A slows globally. —Michelle F. Davis