Amtech To Buy BTU International In Stock - Quick Facts

(RTTNews) - Amtech Systems, Inc. (ASYS) Wednesday said it will buy BTU International, Inc. (BTUI), in an all-stock transaction. The transaction values BTU at nearly $3.33 per share. Amtech expects the transaction to add to its adjusted earnings in fiscal year 2015.

Within 12 months after closing, which is expected in the first quarter of 2015, the combined company is expected to generate $4 million - 5 million of annual operating expense savings. Under the agreement, BTU shareholders will receive 0.3291 shares of Amtech common stock for every share of BTU common stock. Upon closing of the deal, Amtech and BTU shareholders will own about 76.1 percent and 23.9 percent, respectively, of the combined company. "This acquisition further advances our strategy to expand our technology portfolio in adjacent markets and creates a strong platform to drive the growth of our solar business," said J.S. Whang, executive chairman of Amtech, in a statement.