Santa Clara, California based Applied Materials, leader in supplier of equipment, services and software to enable the manufacture of semiconductor, flat panel display and solar products and is geared to buy a small business rival for $2.2 billion in cash from the private equity firm KKR.
Kokusai Electric provides high-productivity batch processing systems and services for memory, foundry and logic customers. Kokusai Electric will operate as a business unit of Applied Materials' semiconductor products group and remain based in Tokyo following the deal's close, which is expected to take place within 12 months, subject to regulatory approvals and other customary closing conditions.
The respective boards of Applied Materials and Kokusai Electric have approved the acquisition, which is projected to be immediately accretive to Applied Materials' non-GAAP EPS upon closing, Applied Materials said in a news release.
Goldman Sachs & Co. LLC served as exclusive financial adviser, and Hogan Lovells and Cleary Gottlieb Steen & Hamilton LLP served as legal counsel for Applied Materials
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