UPDATE 1-Brooks Automation to buy Helix for $454 mln
Mon Jul 11, 2005 08:15 AM ET
(Adds details)
NEW YORK, July 11 (Reuters) - Brooks Automation Inc. (BRKS.O: Quote, Profile, Research) , a supplier of equipment used in semiconductor factories, on Monday said it agreed to buy Helix Technology Corp. (HELX.O: Quote, Profile, Research) for $454 million.
Helix shareholders will receive 1.11 Brooks shares for each Helix share. Based on Friday closing prices, that would value Helix at about $17.30 per share, a 24.6 percent premium.
Under the terms of the deal, which was unanimously approved by the boards of both companies, Brooks stockholders will own 61 percent and Helix stockholders will own 39 percent of the combined company, which will be known as Brooks Automation.
Brooks, based in Chelmsford, Massachusetts, expects the purchase to add significantly to profit in fiscal 2006, after closing in the fourth quarter of this year.
Brooks also lowered its revenue forecast for its fiscal third quarter ended June 30, citing "delays of certain customer projects." The company said it sees revenue between $111 million to $113 million, down from its prior outlook of $115 million to $120 million.
Edward Grady, president and chief executive officer of Brooks, will be the CEO of the new company.
Helix is based in Mansfield, Massachusetts. |
