Berwyn-based AMETEK, an industrial technology solutions provider, recently agreed to acquire all outstanding shares of Florida-based FARO Technologies’, a provider of 3D measurement and imaging solutions, common stock for an enterprise value of approximately $920 million.
The purchase price is $44 per share in cash, approximately a 40 percent premium to FARO’s closing price on May 5.
“FARO is an outstanding acquisition for AMETEK and an excellent strategic fit with our Ultra Precision Technologies division,” David A. Zapico, AMETEK chairman and CEO, said. “FARO’s differentiated 3D metrology and imaging solutions expand our presence in attractive growth markets. Its strong brand, global customer base, employees and technology capabilities complement our existing Creaform business and provide compelling opportunities for growth and margin expansion.”
The transaction is expected to complete during the second quarter. Both companies’ boards of directors have approved the transaction, although it is still subject to FARO Technologies shareholders’ approval as well as customary closing conditions and regulatory approvals.
AMETEK has annual sales of approximately $7 billion and serves niche markets worldwide.
FARO Technologies has annual sales of approximately $340 million. It serves a diverse range of end markets. Its manufacturing and digital reality solutions include portable measurement arms, laser scanners and trackers, and software solutions.