Viasystems Stockholders Approve $927 Mln Acquisition By TTM

(RTTNews) - Viasystems Group Inc (VIAS), a provider of multi-layer printed circuit boards and electro-mechanical solutions, said on Tuesday its stockholders approved its $927 million acquisition by printed circuit board maker TTM Technologies Inc (TTMI).

The completion of the merger remains subject to the satisfaction of certain closing conditions, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

Viasystems and TTM expect that the merger will close during the first half of calendar 2015.

In September, Viasystems agreed to be acquired by TTM for an enterprise value of $927 million. The transaction is anticipated to be materially accretive to non-GAAP earnings per share in the first year.

As per the definitive agreement, TTM will acquire all outstanding shares of Viasystems for a combined consideration of $11.33 in cash and 0.706 shares of TTM common stock, based on the closing market price on September 19 at $16.46 per Viasystems share, or about $368 million.

Viasystems noted that the combined company will be one of the world's leading PCB manufacturers, with a strong position in the automotive, aerospace and defense, medical, industrial and instrumentation, cellular phone and networking/telecom end markets.

In the twelve months ended June 30, the combined company would have generated pro forma revenues of $2.5 billion and adjusted EBITDA of $300 million.

The combined company will have nearly 30,000 employees and 28 manufacturing facilities worldwide.