TTM Technologies Inc. said Monday that it plans to buy rival circuit board maker Viasystems Group Inc. for about $368 million in cash and stock.
TTM, which makes circuit boards used in cellphones, medical devices and tablets, said it is buying Viasystems to expand into the auto industry.
The deal is expected to close in the first half of next year.
Costa Mesa, California-based TTM is paying $11.33 in cash and 0.706 share of its stock for each share of Viasystems. That comes to about $16.46 for each share of Viasystems, a 41 percent premium from its closing price of $11.70 on Friday.
Viasystems, based in St. Louis, had 20.9 million shares outstanding as of Aug. 1.
The companies said the total deal, including debt, is worth about $927 million.
TTM Technologies shares rose $1.73, or 24 percent, to $9 in trading before the market opened Monday. Shares of Viasystems jumped $5.35, or 45.7 percent, to $17.05 in premarket trading.
Filed Under: Rapid prototyping