SANTA CLARA, Calif. – Chip maker Applied Materials Inc. has closed its $360 million acquisition of rival Semitool Inc.
Applied Materials launched its tender offer to buy Semitool last month in a bid to tap the growing market for semiconductors that go into mobile gadgets including “smart” phones and notebook computers.
The acquisition converts each outstanding share of Semitool common stock into the right to receive $11 in cash. The tender offer was completed in Dec. 17.
Semitool, which is based in Kalispell, Mont., will operate under Applied Materials’ Silicon Systems Group, but will keep its name.
Semitool employs 825 people worldwide, with 550 in the Flathead Valley. Semitool attorney Richard Hegger says all Semitool employees became Applied Materials employees on Monday.