Axcelis to buy Veeco in ~$4.4B all-stock deal; creates 4th largest US wafer fab equipment supplier

AXCELIS TECHNOLOGIES INC

All-stock merger with enterprise value ~$4.4B; Axcelis shareholders own 58%, Veeco shareholders 42%.
Combined 2024 pro forma revenue of $1.7B, 44% non-GAAP gross margin, and $387M adjusted EBITDA.
Dr. Russell Low to lead combined company as CEO; James Coogan as CFO; Thomas St. Dennis as chair; Dr. Bill Miller to chair Technology Committee.
Expected close in H2 2026; subject to shareholder and regulatory approvals; Veeco's $230M convertible bonds assumed.
Transaction expected to be accretive to non-GAAP EPS within first year; combined cash >$900M; share repurchase planned post-closing.

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