COHU - Cohu divests Printed Circuit Board Test Business for $125M

Cohu (COHU) inks an agreement with Mycronic AB to divest its Printed Circuit Board Test Group business.As per the terms, Mycronic will acquire atg Luther & Maelzer GmbH and other affiliated entities and assets related to Cohu’s Printed Circuit Board Test Group business.The purchase price of ~$125 million will be paid in cash at close, subject to adjustment for certain closing accounts.Cohu to use the expected net proceeds of ~$95 to $100 million to repay outstanding principal on its term loan facility.The PTG business reported sales for the last twelve months, as of March 27, 2021, of $52.9m.Cohu does not expect to update its guidance for Q2'21 ending June 26, 2021.The transaction is expected to be completed by the end of June 2021, subject to closing conditions.

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Cohu divests Printed Circuit Board Test Business for $125M