* Deal valued at $800 mln
* Sees deal adding to non-GAAP EPS in 2010 (Adds analyst comments, stock price)
LOS ANGELES, Feb 27 (Reuters) - Beckman Coulter Inc , a maker of medical test systems, said it agreed to acquire the diagnostic systems portion of Olympus Corp's life sciences business for about $800 million to broaden its clinical chemistry offering.
Acquisition of the Japanese conglomerate's diagnostics business "will expand Beckman's product offerings in the chemistry market, especially in the ultra-high throughput setting where it has had a hole in its portfolio," Barclays Capital analyst C. Anthony Butler said in a research note.
Shares of Beckman were down $1.98, or 4.2 percent, on the New York Stock Exchange.
"This compelling transaction combines the chemistry product lines of our two companies into a complete chemistry systems offering," said Scott Garrett, Beckman Coulter's chief executive officer.
Piper Jaffray analyst William Quirk said in a research note that the deal would likely increase Beckman's presence in reference labs and large volume hospital labs, but is expensive in the near term.
The company expects the deal to close in the third quarter of 2009.
Beckman said it expects to finance the deal with a combination of about $300 million in newly issued common stock and about $500 million in newly issued debt.
The company said in a statement it does not anticipate a change in its current investment grade ratings under this financing structure.
Beckman expects the deal to add to its non-GAAP earnings per share in 2010. It expects the Olympus diagnostics business to increase revenue by about $500 million in 2010, on a full-year basis, and generate operating income of about $40 million to $50 million.
Morgan Stanley is acting as financial adviser and Latham & Watkins LLP is serving as legal counsel to Beckman Coulter. (Reporting by Ratul Ray Chaudhuri in Bangalore and Deena Beasley in Los Angeles; Editing by Hans Peters and Matthew Lewis)
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