TTM Tech To Buy Anaren For About $775 Mln In Cash

(RTTNews) - TTM Technologies, Inc. (TTMI) has agreed to acquire Anaren, Inc. for approximately $775 million in cash from affiliates of Veritas Capital.

TTM has identified $15 million in pre-tax, run rate, cost synergies which are expected to be realized within the first two years after closing. TTM believes that significant additional synergies will result from other integration efforts over a longer period of time. This transaction is expected to be accretive to non-GAAP earnings.

TTM expects to finance the purchase with a $700 million add on to its existing Term Loan B and cash on hand. In addition, TTM has received a fully-underwritten commitment from Barclays to finance the transaction.

The deal is expected to be accretive to non-GAAP operating margins, adjusted EBITDA margins, non-GAAP EPS and free cash flow.

The transaction is subject to customary closing conditions, including regulatory approvals. The transaction is expected to close in the first half of 2018.