MKS Instruments to buy Atotech for $5.1 billion

(Reuters) – Semiconductor equipment maker MKS Instruments Inc said on Thursday it will buy specialty chemicals group Atotech Ltd in a cash-and-stock deal for about $5.1 billion.

MKS will acquire Atotech for $16.20 in cash and 0.0552 of MKS common stock for each Atotech share, or a per share value of about $26, according to Reuters calculations.

The offer represents a premium of about 10% to Atotech’s closing price on June 10, when Reuters reported that MKS had approached Atotech with an acquisition offer..

The deal, expected to close by the fourth quarter of this year, would expand MKS’ offerings in chip manufacturing through the addition of Atotech’s plating chemicals.

Atotech, backed by buyout firm Carlyle Group Inc, made its U.S. public market debut in February. The company makes chemicals and equipment for printed circuit boards and semiconductors that are used in smartphones, appliances and heavy machinery.

Atotech’s shares were up nearly 4% at $26.50 in premarket trading on Thursday.

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