TTM Technologies To Buy Viasystems For Nearly $927 Mln - Quick Facts

(RTTNews) - Printed circuit board maker TTM Technologies, Inc. (TTMI) Monday said it will acquire Viasystems Group, Inc. (VIAS) for an enterprise value of nearly $927 million. The deal is expected to add to TTM earnings in the first year. Under the transaction, TTM will buy all outstanding shares of Viasystems for $11.33 in cash and 0.706 TTM common shares, based on the closing market price on September 19, at $16.46 per Viasystems share, or about $368 million. The company said it will incur at least $25 million in pre-tax cost synergies which are expected to be realized within the first year. Tom Edman, CEO of TTM commented: "This combination creates an industry leader with the ability to deliver expanded capabilities from a broad global footprint to service more customers and end markets. In one step, we will accelerate our strategy to diversify our business and also reduce the impact of seasonality inherent in the cellular phone end market." The transaction is expected to close in the first half of 2015. J.P. Morgan acted as financial advisor for TTM, while Stifel acted as financial advisor for Viasystems.