LONDON – Tokyo Electron Ltd., a leading supplier of IC and display production equipment, has agreed to buy FSI International Inc. (Chaska, Minn.) for $252.5 million.
FSI is a supplier of wafer cleaning and surface preparation equipment. TEL is offering to pay $6.20 per share, which represents a premium of 53.5 percent over the Aug. 10 closing price for FSI's common shares. TEL plans to finance the deal out of its existing cash resources.
"This transaction represents a compelling opportunity for FSI shareholders, employees and customers," said Donald Mitchell, chairman and CEO of FSI, in a statement issued by TEL. "By combining the market position, scale and operational excellence of Tokyo Electron with the leading edge surface preparation solutions from FSI we can ensure that semiconductor manufacturers have access to the advanced technology they need for success at 28 nanometers and below."
The deal has been approved unanimously by the boards of both TEL and FSI. The deal is expected to close in calendar 2012 and is subject to customary terms and conditions.