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Applied Materials to Buy Varian for $4.9B

SANTA CLARA, California ( TheStreet) -- Applied Materials (AMAT ) agreed to buy Varian Semiconductor (VSEA) for $63 a share in cash, or about $4.9 billion.

The price, the companies said in a press release, represents a 55% premium to Varian's closing price Tuesday of $40.55, or a 38% premium to Varian's 30-day average closing price.

Varian supplies ion implantation equipment used by chipmakers.

Applied Materials said the transaction is expected to be accretive to its earnings on a non-GAAP basis in the first year.

"Varian is a great fit for our strategy to profitably grow share in our core semiconductor business with best-in-class technology and talent," said Mike Splinter, Applied Materials' chairman and CEO, in a statement.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to: tips@thestreet.com.

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