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TTM Technologies buying Anaren
Posted on Monday, 04 December 2017 13:39
Nasdaq-listed printed circuit boards supplier TTM Technologies has signed on the dotted line to acquire Anaren, a manufacturer of microwave microelectronics, components and assemblies.
Under the terms of the transaction, the buyer will pay USD 775.00 million in cash on a debt and cash-free basis for the business, which is currently owned by Veritas Capital.
Commenting on the acquisition, TTM chief executive Tom Edman said: “We expect that integrating our manufacturing strength with Anaren’s RF engineering talent will enable us to deliver superior value-added solutions to our customers in Aerospace & Defense and our broader commercial markets.
“We also believe that the combination will result in meaningful synergies created by complementary capabilities that will benefit the customers and employees of both companies.”
His counterpart at Anaren, Larry Sala, added that the move is expected to increase the potential for the firm to grow its existing offering.
Completion remains subject to the green light from regulatory authorities and closing is anticipated during the first half of 2018.
Anaren describes itself as a leading global designer and manufacturer of high-frequency radio frequency and microwave microelectronics, components and assemblies for the space, defence and telecommunications sectors.
The company’s technology is used in the likes of telecommunications networking products, fighter jet jammers and base station amplifiers.
Established in 1967, the firm now employs in excess of 1,100 people across four manufacturing facilities.
According to Zephyr, the M&A database published by Bureau van Dijk, there have so far been 290 deals targeting radio and television broadcasting and wireless communications equipment manufacturers announced worldwide during 2017 to date.
The most valuable of these was worth USD 1.06 billion and involved Cevian Capital Partners picking up a 5.6 per cent stake in Sweden-headquartered Telefonaktiebolaget LM Ericsson.
Others in the sector to have been targeted since the beginning of this year include Ruckus Wireless and the ICX Switch business of Brocade Communications Systems, both of which Arris International agreed to acquire for USD 800.00 million in February.
© Zephus Ltd