Singapore-based semiconductor testing company Verigy Ltd. (VRGY) Monday said its acquisition by Japanese rival Advantest Corp. (ATE) has been completed in an all-cash transaction, estimated to be about $1.1 billion.
Verigy shareholders will receive $15 per share in cash for each Verigy ordinary share they own. Verigy said it has requested NASDAQ to suspend the trading of its ordinary shares after notifying that the deal is complete.
Following the deal closure, Verigy will now operate as a wholly owned subsidiary of Advantest and will be known as an Advantest Group company.
Verigy's president and CEO, Jorge Titinger, will continue to lead the organization in his current role, reporting to Haruo Matsuno, Advantest's president and CEO.
It was on March 28 that Verigy announced its agreement to be bought by Advantest for $15 per share in cash, totaling about $1.1 billion or about 90.9 billion yen.
Verigy then was in a merger agreement with LTX-Credence Corp. (LTXC) signed in November last year, but it was terminated after terming the proposal from Advantest as superior. An initial unsolicited $12.15 per share offer from Advantest, valued at $729 million, was rejected by Verigy in December, but both companies had engaged in further talks.
The company earlier said the last per-share cash offer from Advantest represented a premium of approximately 64 percent to Verigy's closing stock price on December 3, the day prior to its announcement that it had received an offer from Advantest.
Titinger now stated, "As a combined company, we will offer the most innovative test solutions to cover all memory and SOC requirements, and these solutions will be backed by the largest and most experienced global sales and applications teams in our industry. Now, as part of Advantest, we expect to support a broader and deeper penetration of the combined company's product portfolio. As a result, we intend to accelerate revenue growth and increase overall ATE market share."
The company added that it will expand its strong presence at leading IDMs, fabless companies, foundries and OSATs.
VRGY closed Friday's trading at $15, up $0.03 or 0.20 percent, and ATE settled at $18.55, up $0.11 or 0.60 percent.
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