TTM Technologies has agreed to acquire Anaren for approximately $775 million in cash from affiliates of Veritas Capital.
The transaction combines TTM’s strength in printed circuit board manufacturing with Anaren’s product portfolio of unique and proprietary RF components and subsystems for the Aerospace & Defense and Networking/Communication end markets. The combined company will be strongly positioned to benefit from the expected increased spending towards advanced radar technology in the Aerospace & Defense market and 5G technology in the wireless infrastructure market.
The acquisition of Anaren is expected to provide a number of benefits to TTM:
- Broadens TTM’s product portfolio, adding highly engineered and differentiated RF products and contributes significant RF engineering talent.
- Increases TTM’s capabilities in the Aerospace & Defense end market, enabling the company to rapidly develop value added solutions to better serve the U.S. Defense sector, and positioning the combined company for further long-term growth.
- Provides new growth opportunity in the industrial, medical and automotive end markets.
- Accretive to non-GAAP operating margins, adjusted EBITDA margins, non-GAAP EPS and free cash flow, providing a unique opportunity to achieve industry-leading financial performance, create significant value for customers and shareholders, and provide greater opportunities for employees.
Anaren, Inc. will be purchased in a debt free, cash free transaction for $775 million in cash, subject to working capital adjustments at closing.
