Cascade Microtech bought Germany-based ATT Advanced Temperature Test Systems for EUR 8.4 million in cash. In addition, the Oregon-based integrated circuits maker would also be paying for the acquisition by issuing 1.6 million shares of common stock and deferred payments of about EUR 800,000. A one-year lock-up agreement would govern the shares of common stock that would be issued for the deal.
Cascade said the purchase would enable them to combine both companies so they can access bigger markets. It would also strengthen their financial position, according to Chief Financial Officer Jeff Killian."The acquisition provides a basis for revenue growth, market expansion and vertical integration and we expect that it will have an immediate and positive contribution toward our success model," Killian added. He said the purchase would be accretive to the earnings of Cascade starting in the fourth quarter of 2013.
The management team of ATT systems would still be working in Munich once the acquisition is completed.
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