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July 7, 2014
05:29 EDTORBKOrbotech to acquire SPTS Technologies for $370M
Obotech announced the signing of a definitive share purchase agreement to acquire SPTS Technologies Group Limited, a U.K.-based leading manufacturer of etch, deposition and thermal processing equipment for the microelectronics industry, from European private equity firm Bridgepoint and others. Under the terms of the agreement, Orbotech will acquire SPTS for a total consideration, including repayment or assumption of debt, of approximately $370M in cash. The acquisition and related costs are expected to be financed through a combination of cash on hand and approximately $300M in debt financing under a new term loan facility. The acquisition and financing are expected to close during Q3. The acquisition of SPTS is expected to be accretive to Orbotech’s non-GAAP earnings immediately after closing and GAAP accretive in 2015. After closing, SPTS’ financial statements will be converted to U.S. GAAP to be consistent with Orbotech’s financial statements.
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July 6, 2015
09:15 EDTORBKRadware CFO Meir Moshe steps down, Orobotech CFO Doron Abramovitch to succeed
Radware (RDWR) announced that after more than 16 years as CFO, Meir Moshe has decided to step down. Meir Moshe will be replaced by Doron Abramovitch. Prior to joining Radware, Abramovitch has been CFO at Orobotech (ORBK).
July 1, 2015
06:58 EDTORBKOrbotech's Fan-Out opportunity an important driver, says Barclays
Barclays said Orbotech's Fan-Out opportunity in advanced packaging is an important revenue and earnings driver. The firm said Fan-Out wafer level packaging is an ideal platform form mobile and tablets for high bandwidth applications and the SPTS transaction positions the company for significant share in this emerging market. The firm rates Orbotech an Overweight with a $24 price target.
05:24 EDTORBKOrbotech announces SPTS Technologies sells Thermal Products business
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