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KLA-Tencor Buys Orbotech

KLA-Tencor enters new markets in $3.4 billion deal.

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In a move to expand into the process equipment and other new businesses, KLA-Tencor has entered into a definitive agreement to acquire Orbotech for approximately $3.4 billion.

With the acquisition of Israel’s Orbotech, KLA-Tencor expands its efforts in the inspection and metrology markets. In addition, KLA-Tencor also enters into some new equipment fronts.

Orbotech is involved in three markets—PCBs, flat-panel displays and semiconductor equipment. In PCBs, Orbotech makes laser direct imaging systems, inspection gear and other products. In displays, it sells inspection and other gear. In equipment, Orbotech and its SPTS Technologies unit sells etchers, physical vapor deposition (PVD) systems, dicing equipment and others tools, which are used in packaging and other markets.

With this acquisition, KLA-Tencor will diversify its revenue base and add $2.5 billion of addressable market opportunity. “This acquisition is consistent with our strategy to pursue sustained, profitable growth by expanding into adjacent markets,” said Rick Wallace, president and chief executive of KLA-Tencor, in a statement. “This combination will open new market opportunities for KLA-Tencor, and expands our portfolio serving the semiconductor industry.”

In a research note, Weston Twigg, an analyst with Keybanc, said: “The Orbotech acquisition is a surprise to us. Orbotech will significantly expand KLAC’s SAM.”

There is no product overlap. “And this acquisition should move KLAC into new markets with process equipment, as opposed to just process control, which is a significant change in strategy, in our view,” Twigg added.

Orbotech recently said revenues for the fourth quarter of 2017 totaled $256.9 million, compared with $215.0 million in the fourth quarter of 2016, and $245.7 million in the third quarter of 2017.



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