Thermo Fisher Scientific Inc., the world leader in serving science, has signed a definitive agreement to sell its Anatomical Pathology business to PHC Holdings Corporation, a global innovator in healthcare solutions, for approximately $1.14 billion in cash.

The Anatomical Pathology business is a provider of microscope slides, instruments and consumables. It has approximately 1,200 employees at locations in the U.S., Europe and China. The business generates approximately $350 million in annual revenue and is part of Thermo Fisher's Specialty Diagnostics Segment.

Thermo Fisher anticipates closing the transaction in the second quarter of 2019, subject to customary closing conditions and applicable regulatory approvals. The company expects the net dilution to 2019 adjusted earnings per share to be approximately $0.10, which will be incorporated into its 2019 financial guidance.