Reuters: Deals: Viasystems to buy DDi for $268 million in cash

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Viasystems to buy DDi for $268 million in cash Apr 4th 2012, 10:50 Wed Apr 4, 2012 6:50am EDT (Reuters) - Printed circuit boards maker Viasystems Group Inc (VIAS.O) will acquire smaller rival DDi Corp (DDIC.O) for about $268 million in cash, to add products to its portfolio and expand its manufacturing base in North America. "The transaction allows Viasystems, to increase its market share in the technically demanding military and aerospace market and the growing industrial and instrumentation market," the companies said in a statement. The $13.00 per share offer price is a 6 percent premium to DDi's Tuesday close of $12.26. The total transaction value is about $282 million, including DDi's debt. The deal, which is expected to close late in the second quarter or early in the third quarter, will add to Viasystems' adjusted profit immediately. Viasystems will save at least $10 million annually through the acquisition and the combined entity will have about 15,650 employees. The company has received a financing commitment from Goldman Sachs Bank USA, an affiliate of Wells Fargo Securities and Stifel Financial. Stifel Nicolaus Weisel acted as financial advisor and Jones Day acted as legal counsel to Viasystems. Jefferies & Co and Mooreland Partners advised DDi on financial matters and Paul Hastings LLP acted as legal counsel. (Reporting by Sayantani Ghosh in Bangalore; Editing by Supriya Kurane) Link this Share this Digg this Email Reprints

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