Axcelis Technologies, Inc. and Veeco Instruments Inc. announced they have entered into a definitive agreement to combine in an all-stock merger. The combined company is expected to have an enterprise value of approximately $4.4 billion, based on closing share prices as of September 30, 2025, and outstanding debt as of June 30, 2025.
Under the terms of the agreement, Veeco shareholders will receive 0.3575 Axcelis shares for each share of Veeco they own. Upon closing, Axcelis shareholders are expected to own approximately 58%, and Veeco shareholders approximately 42%, of the combined company on a fully diluted basis. The boards of directors of both companies unanimously approved the merger agreement.
The combination aims to create a leading semiconductor equipment company with complementary technologies, a diversified portfolio, and an expanded addressable market. On a pro-forma basis for Fiscal Year 2024, the combined company generated revenue of $1.7 billion, non-GAAP gross margin of 44%, and adjusted EBITDA of $387 million. The transaction is expected to close in the second half of 2026, subject to shareholder and regulatory approvals.
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