Sanmina acquires ZT Systems manufacturing from AMD for $2.55B cash/equity plus $450M contingent

SANMINA CORP

Purchase price: $2.25B cash at target NAV, $300M premium (50% cash/50% equity), plus up to $450M contingent consideration.
ZT Systems manufacturing annual revenue run-rate ~$5-6B; deal expected to double Sanmina revenue in three years.
Accretive to non-GAAP EPS in first full year post-close; backed by $2.5B bridge financing from BofA.
Strategic NPI partnership with AMD; AMD retains AI design business, Sanmina becomes preferred manufacturing partner.
Expected close near end of 2025, subject to regulatory approvals; termination fee of $153M in certain scenarios.

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