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LTX-Credence to acquire Multitest, ECT

Posted: 10 Sep 2013 ?? ?Print Version ?Bookmark and Share

Keywords:LTX-Credence? PCB? test cell? Multitest? Everett Charles Technologies?

LTX-Credence Corporation recently announced an agreement to acquire the Multitest and Everett Charles Technologies (ECT) businesses of Dover Corporation.

"By bringing together industry-leading semiconductor and PCB test products and services, we are creating a comprehensive set of solutions that deliver enhanced value, high performance and world-class quality," said David Tacelli, LTX-Credence president and chief executive officer. "While one benefit of this combination is the ability to integrate best-in-class technologies from three leading companies into new, innovative solutions, we will continue to support and develop the individual products our customers rely on today, as well as create new products and services for the markets we serve."

LTX-Credence and Dover Printing & Identification have signed a definitive agreement for the acquisition by LTX-Credence of the assets and stock exclusively and primarily related to the Multitest and ECT businesses for a purchase price of $93.5 million, of which $73.5 million will be paid in cash through a combination of existing cash-on-hand and bank debt and $20.0 million will be paid by the issuance of a promissory note by LTX Credence to Dover. The purchase price is subject to customary adjustments. The deal is expected to close by December 31, 2013, pending satisfaction of customary closing conditions, including with respect to required regulatory filings. We anticipate that this acquisition will create a combined company with trailing 12-month pro forma revenues of approximately $420.0 million and we expect the acquisition to be immediately accretive to LTX-Credence's earnings.

The combination of LTX-Credence, Multitest and ECT will provide LTX-Credence with the opportunity to serve a greater share of the semiconductor test cell, while increasing access to the electronics manufacturing industry. The combined company will be the only provider of comprehensive test solutions and services for the semiconductor and printed circuit board marketsredefining the test cell by assembling best-in-class technology from three market-leading companies into new, innovative solutions.





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