- 一项价值 51 亿美元的现金和股票交易将两家公司在激光、光学器件、传动和工艺化学方面的能力结合起来，实现下一代先进电子产品
- 预计在 18 至 36 个月内实现 5000 万美元的年度化成本协同效应
- 本次交易预计能在第一年内增加每股非 GAAP 净收益
美国马萨诸塞州安道尔市和德国贝尔林市—2021 年 7 月 1 日—(GLOBE NEWSWIRE)—MKS Instruments, Inc.（纳斯达克股票代码：MKSI）（以下简称为 “MKS”）是一家可实现先进流程和提高生产力的全球技术提供商；Atotech Limited（纽约证券交易所股票代码：ATC）（以下简称为 “Atotech”）是一家领先的化学品加工技术公司，还是一家先进电镀解决方案的市场领导者；双方于今天宣布已签订一项最终协议，由 MKS 以每股 16.20 美元现金和每股兑换 0.0552 MKS 普通股收购 Atotech。本次交易的股权价值为 51 亿美元，企业价值约为 65 亿美元。
本次交易将产生预估年收入 38 亿美元，并预计将在第一年内提高 MKS 的每股非 GAAP 净收益和 MKS 的自由现金流。 MKS 预计在 18 至 36 个月内实现 5000 万美元的年度化成本协同效应。
MKS 总裁兼首席执行官 John T.C. Lee 表示：“MKS 和 Atotech 将一同获得优异的市场优势，可以为提供先进电子产品的客户推动更快、更好的解决方案和创新。两家公司结合后可以整合各自在激光、光学、传动和工艺化学领域的各种领先能力，优化印刷电路板的互连，为下一代先进电子产品的重大工艺做出贡献，解决未来电子产品在微型化和复杂性上的挑战。我们预计 Atotech 在加入 MKS 后，可以为下一代的先进电子设备提供未来发展的路线图。收购 Atotech 还可以为 MKS 提供了来自尖端设备消耗性的产品组合，从而创造新的经常性收入；由于这产品组合的市场规模十分巨大，将为我们带来继续发展的潜力。”
我们双方在主要的先进电子产品市场上拥有可以互补的客户解决方案，如 Atotech 在电镀方面的专业知识和 MKS 钻子产品方面的专业能力。由于产品的微型化对产品形成了多种新的挑战，如对可靠性、生产力和峰值性能都是必须满足的条件；因此，印刷电路板变得越来越复杂。新一代互连的路线图进一步加快了对更多综合性解决方案的需求；市场大都期待这些解决方案能够提高产量和吞吐量。
“Atotech 在电镀和化学方面的专业知识可以结合 MKS 在激光、激光系统、光学元件和运动方面的优势，为材料加工和复杂应用领域的客户提供多种创新和突破性解决方案。这项交易对我们的股东来说是一个很好的结果，我们认为，除了将带来一些立竿见影的效果外，它还提供了从合并后公司的上升潜力中获益的机会,” Atotech 首席执行官 Geoff Wild 表示。
MKS 计划将目前持有的现金与投入的债务融资相结合，为本次交易中的现金部分提供资金。 合并后的公司在交易完成时将有约 8 亿美元的预计净现金和投资和 53 亿美元未偿还债务总额，估计总杠杆率低于 4.0 倍，净杠杆率低于 3.5 倍。 MKS 还获得承诺，将获得 5 亿美元的循环信贷来取代其现有的 1 亿美元资产循环信贷。
本次交易已经获得 MKS 和 Atotech 两家公司董事会的一致批准，预计将根据泽西岛法律的规定按照 Atotech 的重组安排计划实施，目前正在等待 Atotech 股东的批准、泽西岛皇家法院的批准、监管机构的批准，并须满足其它例定成交条件，预计将于 2021 年第四季度完成交易。目前拥有 Atotech 79% 流通普通股的 Carlyle 及其关联公司（“Carlyle”）已签署一份不可撤销协议，赞成本次交易。Carlyle 拥有的 80% 股份在交易完成后将有 30 天的锁定期；其拥有的 60% 股份在交易完成后将有 60 天的锁定期。
Perella Weinberg Partners 担任财务顾问；DLA Piper 担任 MKS 的法律顾问。WilmerHale 担任 MKS 的融资法律顾问。J.P. Morgan 和 Barclays Bank PLC 为本次交易提供承诺的融资，由 Paul Hastings 担任法律顾问。瑞士信贷担任 Atotech 的财务顾问；Latham 和 Watkins 担任 Atotech 的法律顾问。针对法西岛法律事宜，Carey Olsen 和 Ogier 分别向 MKS 和 Atotech 提供法律服务。
1. 包括 (i) MKS、(ii) Atotech 和 (iii) Photon Control Inc. 于 2021 年 3 月 31 日之前十二个月的收入；MKS 的收购预计将在 2021 年第三季度完成。
2. 此数字为对 Atotech 和 Poten Control Inc. 的收购完成前的估算，并基于内部 MKS 对 2021 财年的预估调整后 EBITDA 的估计。其中还包括 5000 万美元的预估年度运营费用成本协同效应。
MKS 将于美国东部时间 2021 年 7 月 1 日上午 8:30 举行电话会议，讨论本公告。如需访问电话会议的实时网络直播和阅读管理层将使用的的相关演示材料，请访问 MKS 的网站 mksinst.com 并单击 Company – Investor Relations。网络直播和相关演示材料将在活动日历中列出。如需通过电话参与本次会议，请拨打 (877) 212-6076（限美国国内呼叫者）或拨打 (707) 287-9331（国际呼叫者），然后向运营商提供会议 ID 1793197，并在 MKS 的网站上访问演示材料。MKS 和 Atotech 网站上将提供网络直播和相关演示材料的存档。
关于 MKS Instruments
MKS Instruments, Inc. 是全球工具、系统、子系统和流程控制解决方案提供商；这些解决方案旨在测量、监控、交付、分析、支持和控制高级制造流程的关键参数，从而为我们的客户改善流程性能和生产力。我们的产品源自我们在压力测量和控制、流量测量和控制、天然气和蒸汽输送、气体成分分析、电子控制技术、反应气体发电和输送、发电和输送、真空技术、激光、光电、光学、精度传动控制、振动控制和激光制造系统解决方案等方面的核心能力。我们还提供与产品维护和维修、安装服务和培训相关的服务。我们的主要服务市场包括半导体、工业技术、生命科学和健康科学，以及研究单位和国防事业。更多信息请访问 www.mksinst.com。
Atotech 是一家领先的特种化学品技术公司，也是先进电镀解决方案的市场领导者。Atotech 通过集成的系统与解决方案方法，为创新技术应用提供化学品、设备、软件和服务。Atotech 解决方案广泛应用于各种终端市场，其中包括智能手机和其他消费电子、通信基础设施和计算应用以及许多工业和消费应用，例如汽车、重型机械和家用电器。
总部位于德国柏林的 Atotech 是一支由 40 多个国家 4,000 名专家组成的团队，在 2020 年实现了 12 亿美元的年收入。Atotech 在欧洲、美洲和亚洲拥有制造工厂。凭借成熟的创新实力和行业领先的全球 TechCenter 网络，Atotech 为全球 9,000 多家客户提供卓越的现场支持，并提供了开创性的解决方案。有关 Atotech 的更多信息，请访问 www.atotech.com。
如 Atotech 公开发行时所述，Atotech 不是一家受《收购与兼并城市法典》(The City Code on Takeovers and Mergers)（“英国并购法”）监管的公司，因此 MKS 或 Atotech 的股东无需根据《英国并购法》第 8 条进行交易披露。
Financial Information; Presentation of Combined Information
Except as otherwise indicated, all financial information of MKS has been reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and all financial information of Atotech has been reported in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.
The combined financial information set forth herein has not been prepared in accordance with Article 11 of Regulation S-X but rather represents a combination of MKS’ results with the results of Atotech and Photon Control Inc., MKS’ acquisition of which is expected to close in the third quarter of 2021. Except as otherwise stated herein, Atotech financial information has not been conformed to the accounting principles (GAAP) and accounting policies followed by MKS. Combined financial information pursuant to Article 11 could differ materially from the combined information presented herein.
Use of Non-GAAP Financial Measures
This press release includes financial measures that are not in accordance with GAAP (“Non-GAAP financial measures”) and financial measures that are not in accordance with IFRS (“Non-IFRS financial measures”). These Non-GAAP financial measures and Non-IFRS financial measures should be viewed in addition to, and not as a substitute for, MKS’ and Atotech’s reported GAAP and IFRS results, and may be different from Non-GAAP financial measures and Non-IFRS financial measures used by other companies. In addition, these Non-GAAP financial measures and Non-IFRS financial measures are not based on any comprehensive set of accounting rules or principles. MKS management believes the presentation of these Non-GAAP financial measures and Non-IFRS financial measures is useful to investors for comparing prior periods and analyzing ongoing business trends and operating results.
MKS is not providing a quantitative reconciliation of forward-looking Non-GAAP net earnings to GAAP net income or forward-looking Adjusted EBITDA to GAAP net income because it is unable to estimate with reasonable certainty the ultimate timing or amount of certain significant items without unreasonable efforts. For forward-looking Non-GAAP net earnings to GAAP net income, these items include, but are not limited to, acquisition and integration costs, amortization of intangible assets, amortization of the step-up of inventory to fair value, restructuring and other expense, asset impairment, and the income tax effect of these items. For forward-looking Adjusted EBITDA to GAAP net income, these items include, but are not limited to, net interest expense, depreciation expense, acquisition and integration costs, amortization of intangible assets, restructuring and other expense, asset impairment, the income tax effect of these items, and the provision for income taxes. MKS is also not providing a quantitative reconciliation of forward-looking free cash flow to operating cash flow because it is unable to estimate with reasonable certainty the ultimate timing or amount of capital expenditures without unreasonable efforts, in addition to the timing of payments for acquisition and integration costs and restructuring and other expense, among other items, which will affect operating cash flow. All of these items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the relevant period.
Safe Harbor for Forward-Looking Statements
Statements in this press release regarding the proposed transaction between MKS and Atotech (the “transaction”), the expected timetable for completing the transaction, future financial and operating results and metrics for the combined company, including to reflect MKS’ acquisition of Photon Control Inc., which is expected to close in the third quarter of 2021, benefits and synergies of the transaction, future opportunities for the combined company and any other statements about MKS’ or Atotech’s managements’ future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “will,” “projects,” “intends,” “believes,” “plans,” “anticipates,” “expects,” “estimates,” “forecasts,” “continues” and similar expressions) should also be considered to be forward-looking statements. These statements are only predictions based on current assumptions and expectations. Actual events or results may differ materially from those in the forward-looking statements set forth herein. Among the important factors that could cause actual events to differ materially from those in the forward-looking statements are: the ability of the parties to complete the transaction; the ability of MKS to complete its acquisition of Photon Control Inc., which is expected to close in the third quarter of 2021; the risk that the conditions to the closing of the transaction, including receipt of required regulatory approvals and approval of Atotech shareholders, are not satisfied in a timely manner or at all; the terms of MKS’ existing term loan, the terms and availability of financing for the transaction, the substantial indebtedness the Company expects to incur in connection with the transaction and the need to generate sufficient cash flows to service and repay such debt; litigation relating to the transaction; unexpected costs, charges or expenses resulting from the transaction; the risk that disruption from the transaction materially and adversely affects the respective businesses and operations of MKS and Atotech; restrictions during the pendency of the transaction that impact MKS’ or Atotech’s ability to pursue certain business opportunities or other strategic transactions; the ability of MKS to realize the anticipated synergies, cost savings and other benefits of the transaction, including the risk that the anticipated benefits from the transaction may not be realized within the expected time period or at all; competition from larger or more established companies in the companies’ respective markets; MKS’ ability to successfully grow Atotech’s business; potential adverse reactions or changes to business relationships resulting from the announcement, pendency or completion of the transaction; the ability of MKS to retain and hire key employees; legislative, regulatory and economic developments, including changing conditions affecting the markets in which MKS and Atotech operate, including the fluctuations in capital spending in the semiconductor industry and other advanced manufacturing markets and fluctuations in sales to MKS’ and Atotech’s existing and prospective customers; the challenges, risks and costs involved with integrating the operations of the companies we acquire; the impact of the COVID-19 pandemic and related private and public measures on Atotech’s business; the ability of MKS to anticipate and meet customer demand; manufacturing and sourcing risks, including supply chain disruptions and component shortages; potential fluctuations in quarterly results; dependence on new product development; rapid technological and market change; acquisition strategy; volatility of stock price; international operations; financial risk management; and the other factors described in MKS’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and any subsequent Quarterly Reports on Form 10-Q, and Atotech’s Annual Report on Form 20-F for fiscal year ended December 31, 2020 and any Reports on Form 6-K, each as filed with the U.S. Securities and Exchange Commission (the “SEC”). MKS and Atotech are under no obligation to, and expressly disclaim any obligation to, update or alter these forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release.
Additional Information and Where to Find It
This communication does not constitute a solicitation of any vote or approval. In connection with the proposed transaction, Atotech plans to provide to its shareholders a circular containing information on the anticipated scheme of arrangement vote regarding the proposed transaction (the “Scheme Circular”). Atotech may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the Scheme Circular or any other document that may be filed by Atotech with the SEC.
BEFORE MAKING ANY VOTING DECISION, ATOTECH’S SHAREHOLDERS ARE URGED TO READ THE SCHEME CIRCULAR IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED BY ATOTECH WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED TRANSACTION BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION.
Any vote in respect of resolutions to be proposed at Atotech shareholder meetings to approve the proposed transaction, the scheme of arrangement or related matters, or other responses in relation to the proposed transaction, should be made only on the basis of the information contained in Atotech’s Scheme Circular. Shareholders may obtain a free copy of the Scheme Circular and other documents Atotech files with the SEC (when available) through the website maintained by the SEC at www.sec.gov. Scheme Circular makes available free of charge on its investor relations website at investors.atotech.com copies of materials it files with, or furnishes to, the SEC.
No Offer or Solicitation
This communication is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.
The proposed transaction will be implemented solely pursuant to the scheme of arrangement, subject to the terms and conditions of the definitive agreement between MKS and Atotech, dated July 1, 2021, which contains the full terms and conditions of the proposed transaction.
电话: +1 978.557.5180
电话: +1 630.995.6384
Tom Davies / Jeremy Fielding
电子邮件: email@example.com/ firstname.lastname@example.org
电话: +1 803.504.4731
Patrick Ryan (USA) / Ruediger Assion (Germany)
电子邮箱: email@example.com / firstname.lastname@example.org