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Applied Materials Will Buy Varian for $4.9 Billion

Applied Materials Inc., the largest producer of chipmaking equipment, agreed to pay $4.9 billion in cash for Varian Semiconductor Equipment Associates Inc., buying its way back into a business where it had lost ground.

The company will pay $63 a share, a 55 percent markup over yesterday’s closing price, Santa Clara, California-based Applied Materials said in a statement today. The merger was approved by the boards of both companies.