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Novanta To Acquire ATI For $172M Cash Plus Earnout

Novanta To Acquire ATI For $172M Cash Plus Earnout
  • Novanta Inc (NASDAQ: NOVTinked an agreement to acquire ATI Industrial Automation for $172 million upfront in cash and earnout consideration based on 2021 financial performance. 
  • Additionally, Novanta will also grant performance stock units. 
  • The transaction is likely to close in Q3 of 2021.
  • ATI is a leading supplier of intelligent end-of-arm technology solutions to original equipment manufacturers (OEMs) for advanced industrial and surgical robots. 
  • The business adds intelligent technology solutions and expands Novanta's position in mission-critical robotic applications, like electric vehicle production, medical robotics, and collaborative robotics. 
  • Additionally, it creates a nearly $250 million Precision Motion Segment with significant engineering competency.
  • The acquisition is likely to be accretive to Novanta's free cash flow and EPS on a full-year basis.
  • Novanta held $113.6 million in cash and equivalents as of Apr. 2.
  • Price action: NOVT shares closed at $132.84 on Friday.

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