Teradyne Inc. (NYSE: TER) has completed its $360 million, or $15.65 per share, acquisition of Eagle Test Systems Inc. (Nasdaq: EGLT), Mundelein, Ill.-based provider of automated test equipment for the semiconductor manufacturing industry. ETS went public in 2006, and still counted private equity backer TA Associates among its significant shareholders.
Teradyne, Inc. (NYSE: TER) announced today that it has completed its acquisition of Eagle Test Systems, Inc. (“Eagle Test”), and as a result Eagle Test has become a wholly owned subsidiary of Teradyne.
Eagle Test’s common stock will no longer trade on NASDAQ. Detailed instructions will be mailed to former Eagle Test stockholders outlining the steps to be taken to obtain the merger consideration of $15.65 per share in cash, without interest.
“We’re very pleased to be joining forces with Eagle Test,” said Mike Bradley, Teradyne’s president and CEO. “They have a solid franchise in power management and other analog-dominant test applications, which complements our SOC test solutions. With the full weight of our worldwide distribution organization behind the ETS product line, our customers can benefit from this very cost effective test platform and we can accelerate our growth into a wider served market.”
Separately, Teradyne has obtained a senior secured revolving credit facility for an aggregate principal amount of $122.5 million, jointly arranged by Banc of America Securities, LLC and RBS Citizens, NA, with Bank of America, NA as administrative agent.
About Teradyne, Inc.
Teradyne (NYSE:TER) is a leading supplier of Automatic Test Equipment used to test complex electronics used in the consumer electronics, automotive, computing, telecommunications, and aerospace and defense industries. In 2007, Teradyne had sales of $1.1 billion and currently employs about 3,800 people (including Eagle Test) worldwide. For more information, visit www.teradyne.com. Teradyne (R) is a registered trademark of Teradyne, Inc. in the U.S. and other countries. All product names are trademarks of Teradyne, Inc. (including its subsidiaries).