Nano Dimension to acquire Desktop Metal
Nano Dimension and Desktop Metal jointly announce that they have entered into a definitive agreement under which Nano Dimension will acquire all outstanding shares of Desktop Metal in an all-cash transaction for USD 5.50 per share, or a total consideration of approximately USD 183 million.
The transaction price is subject to possible downward adjustments to USD 4.07 per share or USD 135 million in total. The purchase price may be adjusted for transaction expenses and if the closing of the transaction extends into 2025.
"Our combination with Desktop Metal is another step in Nano Dimension’s evolution to become the leader in digital manufacturing, with capabilities in mass manufacturing for critical industrial applications. We’re excited to join forces with an excellent group of technology leaders, all of whom share our vision for transforming manufacturing to Digital Industry 4.0," says Yoav Stern, Nano Dimension’s CEO, in a press release.
"We’re excited to bring together our pioneering, complementary product portfolios that will further enhance our ability to serve our customers in high-growth industries with a more complete offering of digital manufacturing technologies for metal, electronics, casting, polymer, micro-polymer and ceramics applications. We look forward to working with Nano Dimension to join two great companies and their devoted teams that can serve our stakeholders to the maximum extent possible," adds Ric Fulop, Desktop Metal’s Co-Founder and CEO.
The transaction combines the strengths of each company across varied end applications, Additive Manufacturing (AM) technologies and material coverage to create a broad product portfolio across metal, electronics, casting, polymer, micro-polymer and ceramics. Nano is known in the space for 3D-printed electronics and high-performance polymer, ceramic and metal applications, with a robust software platform driven by DeepCube’s deep learning-based AI, while Desktop Metal maintains platforms focused on industrial-volume scale applications of metal and polymer with proprietary materials, software, and sintering solutions.
The combined company will benefit from significantly enhanced scale and a diversified profile with 2023 combined revenue of USD 246 million, of which 28% was generated by recurring revenue streams from the services and consumables.
The closing of the transaction is subject to certain closing conditions, including the approval of Desktop Metal’s stockholders and required regulatory approvals.
