Orbotech Finalizes Photon Purchase
Published: 03 October 2008
by Staff
YAVNE, ISRAEL– Orbotech Ltd. announced that it has finalized its acquisition of Photon Dynamics Inc. for nearly $290 million. As part of the agreement, Orbotech will pay $15.60 per share for all issued and outstanding shares of Photon’s common stock. A combination of external-source financing and internally generated funds financed the acquisition, and Orbotech is expecting additional flat panel display (FPD) revenues of $45 to $50 million for the remainder of the year. Operational synergies are predicted at $15 to $20 million for 2009. Existing Photon business will comprise part of the company’s FPD Division, and Orbotech plans to expand the range of AOL, test and repair solutions for FPD manufacturers.
