FormFactor, Inc. of Livermore, California and Cascade Microtech, Inc. of Beaverton, Oregon, have agreed that FormFactor will acquire all outstanding Cascade shares in a cash and stock transaction. The combination creates complementary markets in semiconductor test, measurement and characterization applications. Form Factor will pay about $270 million in cash plus about 10.4 million shares of Form Factor stock at $7.85 per share for the company. According to Form Factor, the newly combined company is uniquely positioned to solve customers’ most difficult test challenges from engineering to production.
“We are extremely excited to be uniting FormFactor and Cascade today,” said Mike Slessor, FormFactor’s president and CEO. “The combination of our products, technologies, and addressable markets enables us to rapidly take the next step in achieving FormFactor’s strategic growth objectives. At the same time, we are able to realize significant financial synergies that the two companies would not be able to realize on their own.”
“I am enthusiastic about the combination with FormFactor as both companies share a legacy of innovation and technology development,” said Mike Burger, Cascade’s president and CEO. “As a combined entity, FormFactor and Cascade will be the leader in the production probe card and engineering systems markets. The combination of Cascade and FormFactor creates a larger, stronger company that will drive long-term value for our customers, employees, partners, and shareholders.”