FormFactor Inc acquires Astria Semiconductor Holdings for $116.8 million

Deal Participants:
Acquiring Company: FormFactor Inc View Profile Charts Homepage
Target Company: Astria Semiconductor Holdings View Profile Charts Homepage
Deal Financials:
Price: $116.8 million
Cash: $100.00 million
Shares: $16.8 million
 
Date:
Announced: Sep 04, 2012

Blurb:

FormFactor, Inc. has signed a merger agreement with Astria Semiconductor Holdings, Inc., the parent company of MicroProbe, Inc. Under the terms of the merger agreement, FormFactor will acquire MicroProbe for $100 million in cash and $16.8 million in stock, subject to customary adjustments.

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Notes:

Excerpt from briefing.com:

Co announces that it has signed a merger agreement with Astria Semiconductor, the parent co of MicroProbe. FROM will acquire MicroProbe for $100 mln in cash and $16.8 million in stock, subject to customary adjustments. The merger is subject to customary conditions and is expected to close in the first half of FORM's fiscal quarter ending December 29, 2012. MicroProbe generated $87.3 mln in revenue in its fiscal year ended December 31, 2011, growing 46% year-over-year and delivering a non-GAAP EBITDA margin of ~20%. MicroProbe and its affiliated companies have ~360 employees worldwide. After the merger the combined co expects to realize the following significant benefits: (-) FORM will be the industry leading supplier to the high growth advanced SOC probe card market; (-) Improved and immediately accretive financial performance beginning in the first quarter of 2013; (-) Technology leadership across the Memory and SOC advanced probe card markets.

PRESS RELEASE

FormFactor, Inc. has signed a merger agreement with Astria Semiconductor Holdings, Inc., the parent company of MicroProbe, Inc. Under the terms of the merger agreement, FormFactor will acquire MicroProbe for $100 million in cash and $16.8 million in stock, subject to customary adjustments.

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1 hour, 40 minutes ago
The merger is subject to customary conditions and is expected to close in the first half of FormFactor's fiscal quarter ending December 29, 2012.

Headquartered in California, MicroProbe generated $87.3 million in revenue in its fiscal year ended December 31, 2011, growing 46% year-over-year and delivering a non-GAAP EBITDA margin of approximately 20%. MicroProbe and its affiliated companies have approximately 360 employees worldwide.

"This merger is a transformational event for FormFactor and I look forward to working with Mike Slessor and the MicroProbe team to create the leading probe card company in the semiconductor industry," said Tom St. Dennis, CEO of FormFactor. "FormFactor and MicroProbe customers will benefit since the combined company will have the technology and resources to address semiconductor test requirements across the entire advanced probe card space."

"I'm very excited about the combination of MicroProbe and FormFactor," said Mike Slessor, Chief Executive Officer of MicroProbe. "This merger enables our world-class teams to accelerate innovation in wafer test across our customer base and provides compelling opportunities for our combined employees."

Post-closing, Mike Slessor will become a senior vice president and executive officer of the combined companies.

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Edit History:
Sep 04 '12
Sep 05 '12
This version submitted by heuristo

 

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