BRKS is up 5.99 in AH !
rooks Automation Announces Agreement to Sell Its Semiconductor Cryogenics Business to Atlas Copco
CHELMSFORD, Mass., Aug. 27, 2018 / PRNewswire/ -- Brooks Automation, Inc. (Nasdaq: BRKS) today announced that it has entered into a definitive agreement to sell its semiconductor cryogenics business to Edwards Vacuum LLC (a member of the Atlas Copco Group) for $675 million in cash. The semiconductor cryogenics business, consisting of the CTI and Polycold product lines and related services, provides a wide range of high performance cryogenic products for the semiconductor, display, and general vacuum industries. The semiconductor cryogenics business generated approximately $195 million in revenue in the last twelve months. The purchase price is subject to adjustments for working capital and other items and Brooks anticipates closing of the transaction in the first quarter of calendar year 2019 upon satisfaction of customary closing conditions and regulatory approvals.
Brooks originally acquired the business in its 2005 merger with Helix Technology and integrated the business into Brooks' Chelmsford, Massachusetts headquarters operations. The sale agreement provides for the transfer of the CTI pump business, the Polycold chiller business, the related services business and the company's 50% share in Ulvac Cryogenics, Inc., a joint venture based in Japan. Brooks is not transferring products or IP developed as part of its Life Sciences segment or vacuum automation portfolio in its Semiconductor Solutions segment.
Steve Schwartz, President and CEO of Brooks, stated, "The CTI cryogenic vacuum and Polycold product lines and technology have provided technology solutions to the semiconductor industry and have been stable and profitable elements of Brooks' portfolio for the past 13 years. We are confident it will be a valuable addition to the Edwards product portfolio, part of Atlas Copco's Vacuum Technique business area, and that Edwards will provide an engaging work environment to our employees and seamless continued delivery of excellent products and service to our customers. We plan to use the proceeds of this transaction to further the transformation of our Brooks portfolio as we remain focused on our long-standing strategy to increase shareholder value by accelerating the growth of our Life Sciences business with further acquisitions, and strengthening our Semiconductor Automation business with opportunistic acquisitions."
In connection with the transaction, Evercore acted as the exclusive financial advisor and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo acted as legal counsel to Brooks Automation. Greenberg Traurig acted as legal advisor to Atlas Copco.
Management will host a conference call at 8:00 a.m. Eastern Time, Tuesday, August 28, 2018 to discuss the transaction and to host a question and answer session. To participate in the conference call, please dial 800-699-1085 for domestic callers and +1-303-223-2680 for international callers.
That would be $9.56 a share - still more up to go.
$40.00 here we come!!
SWEET !!!
Bob
|
