One Applied to Buy Another

Applied Materials is buying Applied Films.
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Applied Materials

(AMAT) - Get Report

plans to buy

Applied Films

(AFCO)

, a maker of equipment used to manufacture flat-panel displays, solar cells, flexible electronics and energy-efficient glass.

Semiconductor-equipment maker Applied Materials will pay $28.50 a share for each Applied Films share. Overall, the deal is valued at roughly $464 million.

Applied Materials said Thursday that the acquisition will complement its thin-film nanomanufacturing technology abilities and provide it with an opportunity to expand into growing new markets.

Shares of Applied Materials were gaining 48 cents, or 2.7%, to $18.54. Applied Films was up $5.02, or 21.9%, to $27.99.