Cabot Microelectronics

(CCMP) - Get Report

said Thursday it agreed to buy the assets of

QED Technologies

for $19 million to $23.5 million, with the exact amount dependent upon the performance of the QED's business over the two years.

The company said the purchase price will be paid in cash from its available reserves and it also plans to assume about $2 million of current liabilities of QED.

The transaction includes QED's associated technology and intellectual property and is expected to close in July.

QED, a privately-held company that specializes in unique, patented polishing and metrology systems for high precision optics, generated annual revenue of $12 million in the last calendar year.

Cabot Microelectronics shares were up $1.05, or 4%, to $27.09 in recent trading.

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