TEL AVIV (Reuters) - Chroma Ate Inc, a Taiwanese provider of test and measurement equipment, has agreed to buy 20.5 percent of Israel’s Camtek Ltd for $74.3 million in cash, Camtek said on Monday.
Chroma will acquire 6.1 million Camtek shares from Priortech Ltd, Camtek’s controlling shareholder, for $58.1 million, and another 1.7 million new shares to be issued by Camtek for $16.2 million.
The cash consideration is based on a price of $9.5 per Camtek share, reflecting a 29 percent premium on Camtek’s closing price as of Feb. 8. After the closing Priortech will hold 24 percent of Camtek, a maker of metrology and inspection equipment for the semiconductor industry.
Camtek will also license its triangulation technology, a metrology solution, to Chroma for non-semiconductor applications. In addition, Chroma and Camtek agreed to cooperate in potential projects for the semiconductor market.
The deal is expected to close by the end of the second quarter, subject to the approval of Camtek’s shareholders, as well as regulatory approval.
Reporting by Tova Cohen; Editing by Steven Scheer