Stratasys Ltd. (SSYS) and MakerBot said Wednesday that they have signed a definitive merger agreement whereby privately held MakerBot has agreed to merge with a subsidiary of Stratasys in a stock-for-stock deal.
Under the deal, Stratasys will initially issue about 4.76 million shares in exchange for 100% of the outstanding capital stock of MakerBot. The proposed merger has an initial value of $403 million based on Stratasys' closing stock price of $84.60 as of June 19.
MakerBot stakeholders also qualify for performance-based earn-outs that provide for the issue of up to an additional 2.38 million shares through the end of 2014. The proposed earn-out payments have an initial value of up to $201 million based on the Stratasys closing stock price as of June 19.
MakerBot, founded in 2009, helped develop the desktop 3D printing market and has built the largest installed base of 3D printers in the category by making 3D printers highly accessible. The company has sold more than 22,000 3D printers since 2009. In the last nine months, the MakerBot Replicator 2 Desktop 3D Printer accounted for 11,000 of those sales.
MakerBot's products are increasingly used by prosumers, including engineers, designers, architects, manufacturers, entrepreneurs and individuals, for professional purposes, as well as for personal applications.
During the first quarter of 2013, MakerBot generated $11.5 million in total revenue, compared to $15.7 million for all of 2012
The combination of thee two industry leaders is expected to drive faster adoption of 3D printing for multiple applications and industries, as desktop 3D printers are becoming a mainstream tool across many market segments.
Upon completion of the deal, MakerBot will operate as a separate subsidiary of Stratasys, maintaining its own identity, products and go-to-market strategy. Bre Pettis, CEO and co-founder of MakerBot, will continue to lead the company.
The merger is expected to be slightly dilutive to Stratasys' Non-GAAP earnings per share in 2013, and accretive to itsNon-GAAP earnings per share by the end of 2014.
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