LTX-Credence To Buy Dover' Multitest And Everett Charles Tech Unit For $93.5 Mln

(RTTNews) - LTX-Credence Corp. (LTXC) announced that it agreed to acquire Multitest and Everett Charles Technologies businesses of Dover Corp. (DOV) for a purchase price of $93.5 million, of which $73.5 million will be paid in cash through a combination of existing cash-on-hand and bank debt and $20.0 million will be paid by the issuance of a promissory note by LTX Credence to Dover. The purchase price is subject to customary adjustments.

The deal is expected to close by December 31, 2013, pending satisfaction of customary closing conditions, including with respect to required regulatory filings.

LTX-Credence anticipate that this acquisition will create a combined company with trailing 12-month pro forma revenues of about $420.0 million and it expects the acquisition to be immediately accretive to its earnings.