Oct 22, 2014 - US company Amtech Systems Inc (NASDAQ:ASYS) said today it will buy Massachusetts-based BTU International Inc (NASDAQ:BTUI), which makes solar cells production equipment among other products.
BTU supplies machinery used for the manufacturing of printed circuit board assemblies and semiconductor packaging in addition to solar cells. It has operations in both the US and China. Amtech itself makes similar equipment, including silicon wafer handling machinery. The combined company will have pro forma revenues of some USD 94.7 million (EUR 74.8m), based on the results for the 12-months ended June 30 and June 29, 2014 for Amtech and BTU, respectively.
“BTU provides Amtech with complementary thermal processing technologies in the semiconductor, electronics and solar sectors, and strengthens our footprint in China and other key geographic markets,” said Fokko Pentinga, Amtech’s CEO.
Under the terms of the deal, Amtech will acquire every BTU share in exchange for 0.3291 own shares. The all-stock transaction will give BTU’s existing shareholders a combined 23.9% stake in the enlarged company. The deal values all of BTU at about USD 3.33 per common share, based on Amtech’s closing stock price on October 21.
The transaction, which is estimated to build on Amtech’s non-GAAP earnings per share in fiscal 2015, is seen to close in the first quarter of 2015.