LTX-Credence To Buy Dover's Multitest And ECT Businesses

(RTTNews) - LTX-Credence Corp. (LTXC) Friday announced an agreement to acquire the Multitest and Everett Charles Technologies or ECT businesses of Dover Corp. (DOV). The deal is expected to close by December 31.

LTX-Credence and Dover Printing & Identification, Inc. have signed a definitive agreement for the deal. Of the purchase price of $93.5 million, $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.

LTX-Credence expects this acquisition to create a combined company with trailing 12-month pro forma revenues of $420.0 million. The deal is expected to be immediately accretive to LTX-Credence's earnings.

The combined company will be the only provider of comprehensive test solutions and services for the semiconductor and printed circuit board markets.

LTXC closed at $4.20.