Israeli automated inspection equipment company Orbotech Ltd. (Nasdaq: ORBK) has acquired the remaining 50% stake in Frontline P.C.B. Solutions for $85 million in cash and up to $30 million in future performance payments, at a company valuation of $230 million.
At the end of the third quarter, Orbotech had $406 million in cash, so it will be able to finance acquisition from its own independent sources.
Rehovot-based Frontline is a joint venture with Montor Graph, owned 50% by each company, which develops CAM software for PCB fabrication.
The deal comes amid delays for Orbotech's own $3.4 billion acquisition by US company KLA Tencor. The deal that was due to be completed by the end of this year but earlier this week the companies announced that completion of the deal had been delayed, because of difficulties in obtaining approval from the Chinese regulator.
Orbotech is managed by CEO Asher Levy.
Published by Globes, Israel business news - en.globes.co.il - on December 26, 2018
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