Beijing E-Town completes take-private of Mattson Technology
Chinese PE firm Beijing E-Town Capital has completed the privatization of Mattson Technology in a deal that values the NASDAQ-listed semiconductor processing equipment maker at approximately $300 million.
Beijing E-Town Dragon Semiconductor Industry Investment Center, a semiconductor industry-focused fund managed by E-Town Capital, submitted an offer in December to buy all outstanding shares in Mattson for $3.80 apiece in cash. Following shareholder and regulatory approval of the deal, the company has now been removed from NASDAQ, a statement said.
Mattson designs and sells semiconductor wafer processing equipment used in the fabrication of integrated circuits. The company primarily operates in four product areas: dry strip, etch, conventional rapid thermal processing, and millisecond anneal. Revenue came to $178 million in 2014, up from $119 million the previous year, while a net loss of $11 million in 2013 was followed by a profit of $9 million in 2014.
Backed by the Beijing government, Beijing E-Town Capital manages renminbi-denominated fund-of-funds and a series of industry-focused funds. The latter invest in emerging industries such as integrated circuits, bio-pharmaceuticals and modern services.
The PE firm previously participated in a $639 million take-private deal for US-listed semiconductor manufacturer Integrated Silicon Solution (ISS). Prior to that, it bought Nexteer Automotive in 2010 and then sold its majority stake to AVIC Automotive Systems Holding, a subsidiary of Aviation Industry Corporation of China (AVIC).
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