The US based pcb manufacturer DDi Corp.
The merger is expected to close next week, at which time DDi will become a wholly-owned subsidiary of Viasystems.
Printed Circuit Board group Viasystems agreed in early April to acquire Anaheim, Calif.-based DDi Corp. for $13 per share in cash, which represents a 20 percent premium to the average price of DDi’s common stock over the three months prior to the announcement. The total transaction value is about $282 million, or $268 million net of DDi’s cash plus assumed debt.
Based on the results for the year ended Dec. 31 for Viasystems and DDi, the combined companies would have revenue of about $1.32 billion. Viasystems expects cost savings of at least $10 million annually from the merger.
The combined company will have about 15,650 employees and more than 1 million square feet in of manufacturing floor space in North America and more than 4.3 million square feet of floor space in China.
To fund the acquisition, Viasystems Group Inc.’s subsidiary, Viasystems Inc., sold $550 million of senior notes due in 2019 in a private offering.
Clayton-based Viasystems Group Inc. (NASDAQ: VIAS), led by CEO David Sindelar, reported net income of $28.5 million on sales of $1.1 billion for 2011. It manufactures printed circuit boards, including Aluminium PCB, Ceramic pcb, Arlon PCB, Rogers&Isola PCB, Bergquist PCB, Flexible PCB, Rigid&flexible PCB, HDI PCB etc and other components for electronic equipment.
DDi Corp. (NASDAQ: DDIC) provides printed circuit board engineering and manufacturing services. It reported net income of $21.8 million on net sales of $263.4 million for 2011.