UCT to acquire Ham-Let

Ham-Let is a developer, manufacturer and distributor of ultra-high purity and industrial flow control systems – valves, fittings, hoses and connectors largely used for the manufacturing complex semiconductor devices. "Today's acquisition is another meaningful step in the execution of our long-term strategy to grow and diversify our business by adding complementary, high value, high margin product offerings to our growing portfolio of capabilities," says Jim Scholhamer, UCT's CEO, in a press release. "Upon completion of this acquisition, UCT will be able to offer our existing semiconductor equipment customers a stronger and even broader set of offerings. UCT will also gain access to a new set of customers in the semiconductor fab infrastructure and sub-fab market, which represents an excellent platform for growth." "This transaction represents a significant benefit to Ham-Let, its employees, its customers and its shareholders," adds Amir Widmann, CEO of Ham-Let. "By leveraging UCT's global footprint, we can deliver a broader range of solutions and increase the combined company's strategic relevance to its customers. We look forward to working closely with UCT to ensure a smooth transition." Under the terms of the agreement, the total transaction value is approximately USD 348 million and is being structured as an all-cash transaction. UCT has secured a committed debt financing through Barclays to fund the acquisition and repay Ham-Let's indebtedness. Concurrently, UCT is reviewing its overall capital structure to ensure the maintenance of a strong balance sheet and financial flexibility.