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Hamamatsu Photonics is all set to acquire Energetiq Technology, a manufacturer of Laser Driven Light Sources (LDLS), and Extreme Ultraviolet (EUV) light sources. The agreement, if consummated, will bring Energetiq into the consolidated group of companies that are owned by Photonics Management Corporation (PMC), of Bridgewater, NJ (USA). Hamamatsu owns 100% of the shares of PMC. The consideration for the deal is $42 million plus company cash.
There has been a growing demand for light sources with high brightness in the Ultraviolet region. With high brightness sources, semiconductor wafers can be quickly and more accurately inspected for properties such as thickness and pattern accuracy. With the advent of thinner design rules for semiconductors, there is anticipated to be a significant demand for ultra-short wavelength EUV light sources for inspection and metrology in support of EUV photolithography.
Energetiq’s LDLS have the required high brightness for semiconductor metrology applications. In addition, its EUV light source has become the workhorse of the EUV community. Hamamatsu has a long history of developing and marketing light sources such as the Xenon lamp and Mercury Xenon lamp for semiconductor inspection. The addition of Energetiq’s technology and production ability will help to expand Hamamatsu’s capabilities and product offerings.
Being one of the only companies in the world that offers light sources, solid state and electron tube based detectors and systems; Hamamatsu plans to utilize the combined technologies of both companies to speed development of new, value added products. These products may have value in diverse areas, including environmental analysis. Hamamatsu envisions a future where the combined technologies of the companies will result in new and exciting product offerings.
The transaction will be conducted through a merger between a special purpose subsidiary of PMC, and Energetiq pursuant to Delaware Corporation Law. PMC has established Photonic Energy Subsidiary (SPC) in Delaware as a vehicle to facilitate the merger. The merger will be accomplished by way of a reverse triangular merger resulting in Energetiq as the surviving company and SPC being dissolved. Upon merger, shares of Energetiq will be converted into the right to receive cash consideration. Shares of SPC, owned by PMC, will be converted into common share of Energetiq. PMC will thus own all share of Energetiq after the merger and Energetiq will become a wholly-owned subsidiary of PMC.
It is expected that there shall be no material effect due to the transaction on the consolidated financial outlook of Hamamatsu Photonics for the fiscal year ending September 30, 2017. The deal is expected to be completed within 30 days of the contract date of 30th September 2017.
