LTX-Credence To Buy Dover's Multitest And ECT Units For $93.5 Mln - Quick Facts

(RTTNews) - LTX-Credence Corp. (LTXC), a provider of focused, automated test equipment solutions for the semiconductor industry, on Friday announced an agreement to acquire the Multitest and Everett Charles Technologies or ECT businesses of Dover Corp. (DOV) for $93.5 million. With the deal, the company said it makes an important step in the evolution of the semiconductor test cell.

LTX-Credence and Dover's unit Dover Printing & Identification, Inc. have signed a definitive agreement, under which LTX-Credence will buy the assets and stock exclusively and primarily related to the Multitest and ECT businesses.

In the total consideration, $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 company expects the deal to close by December 3, subject to conditions.

LTX-Credence said it expects the acquisition to create a combined company with trailing 12-month pro forma revenues of approximately $420 million. The company also expects the acquisition to be immediately accretive to LTX-Credence's earnings.