Seeking Alpha

LTX-Creedence buys two business lines from Dover Corp. for $93.5M

  • LTX-Credence (LTXC +28%) pays $93.5M to acquire two businesses from Dover Corp. (DOV +0.2%), as it seeks to bolster its share of the semiconductor test cell and expand its access in the electronics-manufacturing industry.
  • The electronic-test-equipment company buying Multitest, a maker of test equipment for computer chips, and Everett Charles Technologies, a developer of test products for advanced technology boards.
  • The purchase price is broken down into $73.5M in cash plus a $20M promissory note.
  • LTXC expects the combined company to have trailing 12-month revenue of about $420M, and the deal is seen immediately accretive to earnings.
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