Axcelis Technologies, Inc. and Veeco Instruments Inc. announced a definitive agreement to combine in an all-stock merger, creating a semiconductor equipment company with an enterprise value of approximately $4.4 billion. This valuation is based on closing share prices as of September 30, 2025, and outstanding debt as of June 30, 2025.
Under the terms, Veeco shareholders will receive 0.3575 Axcelis shares for each Veeco share, resulting in Axcelis shareholders owning approximately 58% and Veeco shareholders approximately 42% of the combined entity. The boards of both companies unanimously approved the merger agreement.
The combined company is projected to have pro-forma Fiscal Year 2024 revenue of $1.7 billion, a non-GAAP gross margin of 44%, and adjusted EBITDA of $387 million, before anticipated synergies. Dr. Russell Low, current Axcelis CEO, will lead the combined company as President and CEO, with James Coogan as CFO, and the headquarters will be in Beverly, Massachusetts.
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