Novellus Systems has said that it will acquire SpeedFam-IPEC in a deal worth $232 million. The directors of both companies have already approved the acquisition and the deal is expected to close in Q4 of 2002 subject to shareholder approval.
Novellus Systems will acquire all of SpeedFam-IPEC’s outstanding shares in a stock for stock merger. Novellus will also assume all of SpeedFam’s convertible notes and debts. Every SpeedFam common stock share will be converted to a 0.1818 share of Novellus’ common stock on a fixed exchange ratio basis.