TTM Technologies, Inc. has agreed to acquire Anaren, Inc. for approximately $775 million in cash from affiliates of Veritas Capital, the Costa Mesa, CA-based company announced December 3.
The transaction combines TTM’s strength in printed circuit board (“PCB”) manufacturing with Anaren’s product portfolio of unique and proprietary radio frequency (“RF”) components and subsystems for the Aerospace & Defense and Networking/Communication end markets. The combined company will be strongly positioned to benefit from the expected increased spending towards advanced radar technology in the Aerospace & Defense market and 5G technology in the wireless infrastructure market.
“TTM has had a long working relationship with Anaren, serving beside them on supplier councils, and has always been impressed with their RF engineering expertise,” said Tom Edman, CEO of TTM. “We expect that integrating our manufacturing strength with Anaren’s RF engineering talent will enable us to deliver superior value-added solutions to our customers in Aerospace & Defense and our broader commercial markets. We also believe that the combination will result in meaningful synergies created by complementary capabilities that will benefit the customers and employees of both companies.”
“This is a compelling strategic combination that makes for an exciting new chapter for Anaren,” said Larry Sala, CEO of Anaren. “We have admired TTM’s manufacturing strength for some time and believe this acquisition will accelerate the opportunities and potential for Anaren to grow its offerings. This combination also positions TTM with industry leading high frequency electronics engineering and manufacturing capabilities to better meet our customer needs. We are grateful for our partnership with Veritas over the past several years. With Veritas’ support, we strengthened our market position and generated outstanding growth.”