Materion to acquire H.C. Starck's electronic materials business for $380M in cash

MATERION Corp

Acquiring HCS-Electronic Materials for $380M in cash; expected to close Q4 2021, subject to regulatory approval.
Target generates ~$145M revenue and ~$29M adjusted EBITDA (~20% margin) in 2021.
Deal is immediately accretive to Materion's adjusted EBITDA margin by ~100 bps and adjusted EPS.
Acquisition financed through new term loan and revolver; pro forma net debt/EBITDA ~2.9x.
Adds tantalum and niobium sputtering targets for semiconductor, industrial, and aerospace & defense markets.

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