Shimadzu's half-year report for April to September 2026 sets out what the Tescan acquisition cost. The total acquisition cost was $753mn (¥121.1bn), made up of $713mn in cash (¥114.6bn) and $40mn (¥6.4bn) of debt assumed from the seller.
Deal terms. The board approved the purchase of Glass HoldCo s.r.o., a special-purpose company that indirectly holds all of Tescan Group a.s., on December 25, 2025, and signed the share transfer agreement the same day. Shimadzu acquired the shares on July 10, 2026, with July 1 as the deemed acquisition date. Tescan is a European electron microscope maker. Shimadzu says its surface-observation technology complements Shimadzu's composition and physical-property analysis.
Cash and borrowing. After deducting the assumed seller debt and ¥2.3bn of cash acquired, the net cash outflow for the subsidiary shares was ¥112.3bn. Separately, the report records ¥110bn of short-term borrowings raised in the period, a line that was empty at March 31, and ¥29.3bn of long-term borrowings repaid. Advisory and related costs came to ¥2.0bn.
Goodwill. The deal created ¥127.2bn of goodwill, which Shimadzu will amortize straight-line over 20 years. Goodwill is provisional because the allocation of the purchase price was not complete at the end of September. Total goodwill stood at ¥131.3bn, against ¥7.4bn at March 31.
Balance sheet. Total assets rose to ¥868.1bn from ¥738.0bn, and the equity ratio fell to 66.8% from 76.6% at March 31. Only Tescan's balance sheet is consolidated in this period, so the income statement carries none of its results. Even so, Shimadzu reported sales of ¥282.0bn, up 10.0%, and net profit attributable to owners of ¥28.3bn, up 19.6%.