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Ultratech, Inc. (Nasdaq UTEK) designs, manufactures and markets photolithography and laser processing equipment. Founded in 1979, the company's market-leading advanced lithography products deliver high throughput and production yields at a low, overall cost of ownership for bump packaging of integrated circuits and high-brightness LEDs. A pioneer of laser processing, Ultratech developed laser spike anneal technology, which increases device yield, improves transistor performance and enables the progression of Moore's Law for 65-nm and below production of state-of-the-art consumer electronics.
Ultratech traded on the Nasdaq Global Market under the symbol "UTEK".
VEECO COMPLETES ACQUISITION OF ULTRATECH
Accretive acquisition creates a leading equipment supplier to the growing Advanced Packaging industryPLAINVIEW, NY -- (Marketwired) -- 05/26/17 --
Veeco Instruments Inc. (NASDAQ: VECO), a global leader of advanced thin film etch and deposition process equipment, today announced the successful completion of its acquisition of Ultratech, Inc. (NASDAQ: UTEK), a leading supplier of lithography, laser-processing and inspection systems used to manufacture semiconductor devices and LEDs.
"We are excited to complete this strategic transaction, which establishes Veeco as a leading equipment supplier to the growing Advanced Packaging industry," said John R. Peeler, Veeco's Chairman and Chief Executive Officer. "This compelling combination increases our scale while bringing together complementary technologies and a strong talent pool. We believe this is the ideal platform to accelerate growth, enhance profitability and deliver significant value for our customers and shareholders."
The transaction is expected to be immediately accretive on a non-GAAP basis. Veeco is targeting $15 million in annualized run rate synergies within 24 months after closing, to be achieved through increased efficiencies and leveraging the scale of the combined businesses.
With today's transaction close, Ultratech shareholders will receive $21.75 in cash and 0.2675 shares of Veeco common stock for each Ultratech common share outstanding. The total transaction is valued at approximately $862.3 million, consisting of approximately 7.4 million shares of Veeco common stock and approximately $628.4 million in cash consideration to former Ultratech shareholders and equity award holders. As a result of the acquisition, Ultratech, Inc. stock has ceased trading and is no longer listed on the NASDAQ Stock Market.
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