Brooks Automation is to acquire PRI Automation, creating a supplier of semiconductor automation systems, software and services, with annual sales of $700 million.
Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, PRI shareholders will receive 0.52 shares of Brooks stock for each PRI share held, representing a value of approximately $380 million net of cash.
Following completion of the transaction, which is expected to occur during the first quarter of 2002, the combined company will be 61% owned by Brooks shareholders and 39% owned by PRI shareholders.
The transaction is expected to be accretive to Brooks’ earnings in fiscal 2003, the first full fiscal year following completion, reflecting expected operational synergies of more than $20 million.
Completion of the merger is subject to shareholder and regulatory approval and customary closing conditions.