Deals
Lam Research Agrees to Buy Novellus Systems for $3.3 Billion
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Lam Research Corp. agreed to buy Novellus Systems Inc. for about $3.3 billion in stock, combining two of the chip-equipment industry’s biggest companies in a challenge to market leader Applied Materials Inc.
The transaction values Novellus at $44.42 a share, Fremont, California-based Lam said yesterday in a statement. That represents a 28 percent premium over Novellus’s closing stock price before the deal was announced. Lam also said it will buy back $1.6 billion in shares.