TTM Technologies Completes Acquisition of Anaren for $775 Million

TTM Technologies has announced that it has completed the acquisition of Anaren for $775 Million. The combined company had pro-forma 2017 revenue of $2.9 billion.  

The acquisition combines TTM’s strength in PCB manufacturing with Anaren’s RF design capability and a product portfolio of unique and proprietary RF components and subsystems for the Aerospace & Defense and Networking/Communication end markets. The combined company will be strongly positioned to benefit from the expected increase in spending for advanced radar technology in the Aerospace & Defense market and 5G technology in the wireless infrastructure market.

TTM has identified $15 million in pre-tax, run rate, cost synergies which are expected to be realized within the first two years after closing and expects this transaction to be immediately accretive to non-GAAP earnings. Additionally, TTM believes that significant revenue synergies will result over a longer period of time.

Anaren was purchased for $775 million in cash consideration, subject to certain customary adjustments at closing. TTM previously announced the allocation of commitments for the syndication of $600 million of incremental term loans. The closing of the incremental term loans occurred concurrently with the acquisition of Anaren.