Axcelis Technologies (ACLS) and Veeco Instruments (VECO) have entered into a definitive agreement to combine in an all-stock merger. The combined company is expected to have an enterprise value of approximately $4.4 billion. Veeco shareholders will receive 0.3575 Axcelis shares for each share of Veeco they own. At closing, Axcelis shareholders are expected to own approximately 58%, and Veeco shareholders are expected to own approximately 42%, of the combined company, on a fully diluted basis.
Low will serve as President and Chief Executive Officer of the combined company. James Coogan, currently CFO of Axcelis, will serve in the same role at the combined company. The combined company will assume a new name, ticker symbol and brand following close.
"This combination marks a transformational milestone for both Axcelis and Veeco, establishing a new leader in semiconductor capital equipment with complementary technologies, a diversified portfolio and an expanded addressable market opportunity," said Russell Low, President and CEO of Axcelis.
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