In this week's Taxation With Representation, science and technology company Danaher Corp. acquires medical technology company Masimo Corp., Covetrus merges with a unit of fellow animal health technology company Cencora, and private equity firm Leonard Green & Partners LP buys outstanding Mister Car Wash Inc. shares not already owned by LGP affiliates.

Danaher-Masimo $9.9B Diagnostics Deal

Danaher Corp. said Tuesday it has agreed to acquire Masimo Corp., a specialty diagnostics company, in a deal valued at about $9.9 billion, including debt.

A Kirkland & Ellis LLP team advising Danaher included tax partners Dean Shulman and Liam Murphy.

A Sullivan & Cromwell LLP team representing Masimo includes partner Davis Wang advising on tax matters.

Under the agreement, Danaher will pay $180 per share in cash for all outstanding common stock of Masimo, Danaher said in a statement Tuesday.

The transaction is expected to close in the second half of the year, subject to regulatory clearances and Masimo shareholder approval, Danaher said.

Animal Health Biz $3.5B Merger

Covetrus has agreed to merge with MWI Animal Health, a unit of fellow animal health technology company Cencora, in a deal that values MWI at an enterprise value of $3.5 billion, the companies said Wednesday.

A Debevoise & Plimpton LLP team guiding Covetrus includes tax partner Erin Cleary, counsel Samuel Krawiecz, and associate John Nelson, while a Freshfields LLP team representing Cencora includes partner Joe Soltis and associate Hannah Golden advising on tax matters.

When the deal closes, Cencora will receive $1.25 billion in upfront cash, $800 million in preferred equity, and $1.45 billion in common equity in the combined company, the companies said in a statement Wednesday.

The transaction is subject to certain conditions, including regulatory approvals, the companies said.

Mister Car Wash $3.1B Deal

Private equity firm Leonard Green & Partners LP has agreed to buy all outstanding Mister Car Wash Inc. shares not owned by LGP affiliates at a $3.1 billion enterprise value, the car wash brand said Wednesday.

A Latham & Watkins LLP team steering Mister Car Wash includes partners Joseph Kronsnoble and Michael Zucker, who provided advice on tax matters.

A Simpson Thacher & Bartlett LLP team representing LGP includes partner Russell Light and associate Elizabeth Trask advising on tax aspects.

The transaction is expected to close in the first half of 2026, subject to regulatory approvals and the satisfaction or waiver of other conditions, Mister Car Wash said in a statement Wednesday.