Danaher Agrees to Buy Masimo for $9.9 Billion, Adding Pulse Oximetry to Diagnostics

Danaher has agreed to acquire Masimo, the Irvine, California, maker of pulse oximeters and patient monitors, for $180.00 per share in cash, representing total consideration of $9.9 billion, Masimo said on Tuesday, February 17, in a press release filed with the Securities and Exchange Commission. The boards of both companies unanimously approved the transaction.

Danaher put the total enterprise value at about $9.9 billion, including assumed debt and net of acquired cash, HME News reported. Danaher expects to pay for the deal with cash on hand and proceeds from debt financing.

Where Masimo would sit

Masimo will become a standalone business unit and brand within Danaher's Diagnostics segment and will operate autonomously while strengthening Danaher's offering in acute care settings, according to the release. The segment includes Radiometer, Leica Biosystems, Cepheid and Beckman Coulter Diagnostics, HME News reported.

"Masimo is a leader in pulse oximetry and other patient monitoring solutions, which combined with its trusted brand and differentiated technology, will greatly strengthen our diagnostics franchise," Danaher president and chief executive Rainer M. Blair said, according to HME News.

Masimo chief executive Katie Szyman said that "becoming part of Danaher's Diagnostics segment will strengthen our ability to scale our monitoring technologies globally and accelerate our mission of delivering Masimo innovations that empower clinicians to transform patient care."

How the board got there

Michelle Brennan, chair of Masimo's board, said the board had evaluated a broad range of options over several months, including its standalone strategy, and had talked with multiple other potential partners. "Ultimately, it became evident that this transaction with Danaher was the most value-enhancing path for Masimo and all its stakeholders," she said in the release.

The transaction is subject to closing conditions, including required regulatory approvals, and is expected to close in the second half of 2026. It also requires approval by Masimo shareholders, HME News reported.

Masimo said it will report fourth-quarter and full-year 2025 results on February 26 but will not host an earnings conference call because of the deal. Centerview Partners was Masimo's financial adviser, with Morgan Stanley also advising. Citi advised Danaher, according to HME News.

Masimo says its SET pulse oximetry is estimated to be used on more than 200 million patients a year worldwide.