SANTA ANA, CA -- TTM Technologies has definitively agreed to acquire Meadville Holdings Ltd.'s PCB business for $521 million in cash and stock.

The deal creates one of the world's largest producers of printed circuit boards, with combined 2008 annual sales of $1.35 billion. The deal is subject to regulatory clearances, including review by the US Department of Defense and the Committee on Foreign Investment in the US.

The companies hope to close the deal the first quarter.

Hong Kong-based Meadville designs and manufactures printed circuit boards, with factories in China and Hong Kong. The combined company will rank third behind Ibiden and CMK among the world's largest PCB manufacturers.

It is the second major deal by a US-based PCB shop in the past month. In early October, Viasystems announced a merger with Merix. Also, in a smaller deal two weeks ago, DDI has proposed to acquire Coretec. Coretec's board is still weighing the offer.

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