Semiconductor equipment company Cohu, Inc. (COHU) announced Monday its agreement to divest Printed Circuit Board Test Group or PTG business in $125 million cash deal.
The company entered into a definitive agreement, under which Mycronic AB, a Swedish high-tech company engaged in production equipment, will acquire atg Luther & Maelzer GmbH and other affiliated entities and assets related to Cohu's PTG business.
The purchase price will be paid in cash at close, subject to adjustment for certain closing accounts.
Cohu intends to use the expected net cash proceeds of approximately $95 to $100 million, after estimated transaction costs and taxes, to repay outstanding principal on its term loan facility. No regulatory approvals are expected to be required.
The transaction is expected to be completed by the end of June 2021, subject to customary closing conditions.
For the last twelve months to March 27, the PTG business reported sales of $52.9 million. PTG has been a part of Cohu since joining with the Xcerra acquisition in 2018.
Cohu said it does not expect to update its guidance for the second quarter.
Luis Mller, Cohu's President and Chief Executive Officer, said, "Combining forces with Mycronic creates additional scale in the PCB market segment and greater opportunities for PTG's success in the future, while enabling Cohu to focus on semiconductor equipment and services businesses."
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