Varian Bought By Applied Materials

5/4/11

Santa Clara, CA-based Applied Materials (NASDAQ: AMAT) said today it was buying Varian Semiconductor Equipment Associates (NASDAQ: VSEA), a Gloucester,MA-based provider of ion implantation products for semiconductor chips, in a definitive merger agreement, paying $63 per share in cash. The $4.9 billion transaction represents a 38 percent premium on Varian’s 30 day average closing stock price, and a 55 percent premium on yesterday’s closing price. Varian will remain in Gloucester and will become part of the silicon systems group of Applied Materials, which is focused on equipment, services, and software in the manufacturing of semiconductors, flat panel displays, and solar photovoltaic products.

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