Morrison & Foerster is representing Veeco Instruments Inc. (NASDAQ: VECO), a leading supplier of lithography, laser-processing and inspection systems used to manufacture semiconductor devices and LEDs, in its acquisition of Ultratech, Inc. (NASDAQ: UTEK).
Ultratech is a leading manufacturer of lithography products for advanced packaging applications and for LEDs. Ultratech is a pioneer in laser spike anneal technology used for the production of semiconductor devices. In addition, the company offers wafer inspection solutions leveraging its proprietary coherent gradient sensing technology, which address a wide variety of semiconductor applications.
Under the terms of the agreement, Ultratech shareholders will receive $21.75 per share in cash and 0.2675 shares of Veeco common stock for each Ultratech common share outstanding. Based on Veeco’s closing stock price on February 2, 2017, the implied total transaction value is approximately $815 million. The transaction was announced on February 2, 2017 and is expected to close in the second calendar quarter of 2017.
The MoFo deal team was led by Northern Virginia corporate partners Thomas Knox and Charlie Katz and Northern Virginia corporate associates Daniel Kahan and Erin Hoffert.
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