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Home»Finance»3D printer maker Stratasys to merge with Desktop Metal in deal valued at $1.8 billion
Finance

3D printer maker Stratasys to merge with Desktop Metal in deal valued at $1.8 billion

May 25, 2023No Comments2 Mins Read
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3D printer maker Stratasys to merge with Desktop Metal in deal valued at $1.8 billion
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(Reuters) – Stratasys Ltd, a maker of industrial 3D printers, said on Thursday it would merge with peer Desktop Metal Inc in an all-stock transaction valued at about $1.8 billion.

The transaction comes after Stratasys rejected multiple takeover offers from Nano Dimension Ltd, its largest shareholder with a 14.2% stake. Nano on Thursday launched a hostile $18.00 per share all-cash offer to boost its stake in Stratasys to between 53% and 55%.

Desktop Metal stockholders will receive 0.123 ordinary shares of Stratasys for each share of Desktop Metal Class A common stock.

Shares of Stratasys reversed course to trade up 2.7% before the opening bell, while Desktop Metal rose 9.7%.

The transaction, which is expected to close in the fourth quarter of this year, has an equity value of $604.3 million and the combined entity is expected to generate $1.1 billion in revenue by 2025.

Stratasys, which operates in industries such as aerospace, automotive and consumer products, seeks to diversify its customer base by offering designing, prototyping and tooling to mass production under the combined entity.

Stratasys shareholders will own about 59% of the combined company.

“We are excited to complement our portfolio of production metal, sand, ceramic and dental 3D printing solutions with Stratasys’ polymer offerings,” Desktop Metal chief Ric Fulop said.

J.P. Morgan Securities LLC is acting as the financial adviser to Stratasys, while Meitar Law Offices and Wachtell, Lipton, Rosen & Katz are its legal counsel.

(Reporting by Priyamvada C in Bengaluru; Editing by Maju Samuel)

See also  SVB's Asian customers who lost deposits remain on the hook for loans
Billion Deal Desktop Maker Merge metal Printer Stratasys valued
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