M&A · Industrials · Special Industry Machinery, NEC
Axcelis Technologies Inc to acquire Veeco Instruments Inc
Announced Oct 1, 2025 · Pending Dec 31, 2025
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Axcelis Technologies Inc (ACLS)
- Target
- Veeco Instruments Inc (VECO)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Pending Dec 31, 2025
Deal protections
- Break fee (target pays)
- $77.5M
- Reverse fee (buyer pays)
- $109M
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- JPMorgan
- To the target
- UBS
- JPMorgan fee
- $27.5M
Sector context · Industrials
- Comparable deals
- 98 in the prior 24 months
- Premium
- Sector median 38.0%
- EV / Adj. EBITDA
- Sector median 9.4x
- Break fee
- Sector median 2.5%
Timeline
- AnnouncedOct 1, 2025
- Proxy filedDec 31, 2025
- Definitive proxyDec 31, 2025
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Trading comparablesJPMorgan$27.00$40.25
Trading comparablesJPMorgan$94.00$131.00
Discounted cash flowJPMorgan$38.00$47.25
Discounted cash flowJPMorgan$43.00$52.25
Discounted cash flowJPMorgan$109.25$129.25
Trading comparablesUBS$26.69$32.46
Trading comparablesUBS$28.29$37.38
Trading comparablesUBS$25.90$34.53
Trading comparablesUBS$103.22$124.80
Trading comparablesUBS$83.71$109.42
Implied value per Veeco Instruments Inc share by analysis, from JPMorgan and UBS · DCF discount rate 10%–11%.