FormFactor to buy SoC wafer test firm

FormFactor Inc. has agreed to a merger agreement with Astria Semiconductor Holdings Inc., the parent company of MicroProbe, Inc. Under the terms of the deal, FormFactor will acquire MicroProbe, a provider of advanced SoC wafer test solutions, for $100 million in cash and $16.8 million in stock, subject to customary adjustments, and is expected to close in H1 of FormFactor's fiscal quarter ending December 29, 2012.

After the merger the combined company expects to realize the following significant benefits: FormFactor will be the industry leading supplier to the high growth advanced SOC probe card market; improved and immediately accretive financial performance beginning 1Q13; and technology leadership across the memory and SoC advanced probe card markets.

"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," noted 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," indicated Mike Slessor, CEO 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 SVP and executive officer of the combined companies.