KLA Acquires Orbotech for $3.4 Billion
February 25, 2019
Cleary Gottlieb was global antitrust counsel to KLA Corp. (KLA) in its acquisition of Orbotech Ltd. (Orbotech), in a transaction that closed on February 20, 2019.
The transaction values Orbotech at an equity value of approximately $3.4 billion and an enterprise value of $3.2 billion.
With this acquisition, KLA will significantly diversify its revenue base and add $2.5 billion of addressable market opportunity in the high-growth printed circuit board (PCB), flat panel display (FPD), packaging, and semiconductor manufacturing areas.
KLA is a leading provider of process-control and yield-management solutions and partners with customers around the world to develop state-of-the-art inspection and metrology technologies to serve the semiconductor and other related nanoelectronics industries.
Orbotech is a leading global supplier of yield-enhancing and process-enabling solutions for the manufacture of electronics products, including equipment for use in the manufacture of PCBs, FPDs, and semiconductor devices.