BRUSSELS (AP) -- Scientific instrument maker Agilent Technologies on Thursday won European Union approval to buy Varian Inc. -- but must sell off units from both companies to eliminate antitrust worries.
The European Commission said Agilent had agreed to divest it and Varian's gas chromatography businesses to soothe concerns 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, of Palo Alto, California, reported $1.01 billion in revenue in fiscal 2008. Scientific instruments accounted for $838.7 million in sales.