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BRIEF-TTM Technologies to acquire Anaren for about $775 mln
December 4, 2017 / 1:14 AM / in 7 days

BRIEF-TTM Technologies to acquire Anaren for about $775 mln

Dec 3 (Reuters) - TTM Technologies Inc:

* TTM TECHNOLOGIES, INC. TO ACQUIRE ANAREN, INC.

* ‍AGREED TO ACQUIRE ANAREN, INC. FOR APPROXIMATELY $775 MILLION IN CASH FROM AFFILIATES OF VERITAS CAPITAL​

* ‍ANAREN WILL BE PURCHASED IN DEBT FREE, CASH FREE TRANSACTION FOR $775 MILLION IN CASH, SUBJECT TO WORKING CAPITAL ADJUSTMENTS AT CLOSING​

* ‍IN 12 MONTHS ENDED SEPT 30, 2017, COMBINED CO WOULD HAVE GENERATED PRO FORMA REVENUE OF $2.8 BILLION; PRO-FORMA ADJUSTED EBITDA OF $450 MILLION​

* ‍EXPECTS TO FINANCE PURCHASE WITH A $700 MILLION ADD ON TO ITS EXISTING TERM LOAN B AND CASH ON HAND​

* ‍TTM HAS RECEIVED A FULLY-UNDERWRITTEN COMMITMENT FROM BARCLAYS TO FINANCE TRANSACTION​

* ‍DEAL ACCRETIVE TO NON-GAAP OPERATING MARGINS, ADJUSTED EBITDA MARGINS, NON-GAAP EPS AND FREE CASH FLOW​

* IDENTIFIED $15 MILLION IN PRE-TAX, RUN RATE, COST SYNERGIES WHICH ARE EXPECTED TO BE REALIZED WITHIN FIRST TWO YEARS AFTER CLOSING​

* ‍TRANSACTION IS EXPECTED TO BE ACCRETIVE TO NON-GAAP EARNINGS​

* ‍BARCLAYS ACTED AS FINANCIAL ADVISOR FOR TTM, AND HOULIHAN LOKEY AND EVERCORE ACTED AS FINANCIAL ADVISORS FOR ANAREN​ Source text for Eikon: Further company coverage:

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