TTM Technologies (TTMI) Signs $936M Agreement to Acquire Meadville Holdings PCB Business
TTM Technologies, Inc. (NASDAQ: TTMI) today announced the signing of a definitive agreement to create a business combination with Meadville Holdings Limited's PCB business. Meadville Holdings Limited is a Hong Kong listed company and a leading provider of volume high-end PCBs. The combination will create one of the largest PCB manufacturers in the world with combined 2008 annual sales of $1.35 billion.
As part of the transaction, TTM will acquire Meadville's PCB business in exchange for an equity purchase price of approximately $521 million which will be payable in the form of cash and TTM common stock. This implies a transaction enterprise value of approximately $936 million. The debt being assumed is in the form of a new fully committed bank facility with a syndicate of seven leading Asian banks.
The combination is expected to be accretive to earnings without synergies within the first year post-closing. This statement is not intended to be a profit forecast and should not be interpreted to mean that earnings for any subsequent financial period would necessarily be greater than those of any preceding financial period.
The transaction is expected to be completed in the first quarter of 2010, subject to customary closing conditions and shareholder and regulatory reviews in both the United States and Hong Kong, including review by the U.S. Department of Defense and the Committee on Foreign Investment in the United States.
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