Danaher Corporation (NYSE:DHR) said Tuesday it has agreed to acquire Masimo Corporation (NASDAQ:MASI) for $180.00 per share in cash, representing a total consideration of $9.9 billion.

The deal comes two years after activist hedge fund Politan Capital Management led a proxy contest that resulted in the removal of Masimo founder Joe Kiani as board chair.

Kiani subsequently stepped down as chief executive but retains about a 5% stake in the company. Politan, founded by Quentin Koffey, holds close to 9% ownership after securing four board seats.

The deal value represents a transaction multiple of approximately 18x estimated 2027 EBITDA, or 15x 2027 estimated EBITDA, including the full benefit of expected annual synergies, according to a statement from Danaher.

The transaction has been unanimously approved by both Masimo’s Board of Directors and Danaher’s Board of Directors.

Masimo will ...