By Lisa Kerner
Charlotte, N.C., Sept. 2 - Teradyne, Inc. agreed to acquire Eagle Test Systems, Inc. for $15.65 per share in cash in a deal valued at $250 million.
According to Teradyne, it has secured a bridge financing commitment in connection with the transaction, which is expected to close in the fourth quarter of 2008.
An $11.5 million termination fee is included in the agreement, according to a form 8-K filed with the Securities and Exchange Commission.
Eagle Test Systems will operate as a Teradyne Semiconductor Test Division business unit, a Teradyne news release said.
The acquisition should be accretive to Teradyne's 2009 non-GAAP earnings per share.
Eagle Test Systems designs, manufactures, sells and services automated test equipment for the semiconductor industry. The company is located in Buffalo Grove, Ill.
Teradyne, based in North Reading, Mass., supplies automatic test equipment used in the consumer electronics, automotive, computing, telecommunications and aerospace and defense industries.
| Acquirer: | Teradyne, Inc.
|
| Target: | Eagle Test Systems, Inc.
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| Announcement date: | Sept. 2
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| Transaction total: | $250 million
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| Price per share: | $15.65
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| Termination fee: | $11.5 million
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| Expected closing: | Fourth quarter of 2008
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| Stock price for target: | Nasdaq: EGLT: $14.18 on Aug. 29
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