MKS Instruments to acquire optical sensor specialist
MKS Instruments has entered into a definitive agreement pursuant to which MKS will acquire Photon Control for CAD 3.60 per share, in an all-cash transaction valued at approximately CAD 387 million (EUR 263.85 million).
Photon Control, headquartered in Richmond, British Columbia in Canada, designs, manufactures and distributes a range of optical sensors and systems to measure temperature and position. The company had revenues of CAD 65 million and Adjusted EBITDA of CAD 23 million in 2020. “We believe the Photon Control acquisition will help us deliver on one of our long-term strategic objectives, which is to broaden our portfolio of key technologies to better serve our customers,” said MKS President and CEO John T.C. Lee in a press release. “We anticipate the acquisition will further advance the MKS strategy to enhance our Surround the Chamber offering by adding optical sensors for temperature control for critical etch and deposition applications in semiconductor wafer fabrication. In addition, Photon Control is a strong strategic fit with similar culture and vision to MKS.” The transaction has been approved by the MKS and Photon Control's boards of directors and is subject to customary closing conditions, including approval by Photon Control’s security holders and court approval in the Province of British Columbia. The companies expect to close the transaction in the third quarter of 2021.