Ion implantation system maker Axcelis Technologies has been a Hacienda tenant since August 2016. The company has provided innovative, high-productivity solutions for the semiconductor industry for more than 45 years. In October, Axcelis officials announced that the company and epitaxial deposition and process equipment maker Veeco Instruments have entered into a definitive agreement to combine in an all-stock merger. The combined company is expected to have an enterprise value of approximately $4.4 billion based on Axcelis' and Veeco's closing share prices as of September 30, 2025, and outstanding debt as of June 30, 2025.

Together, Axcelis and Veeco will be a leading semiconductor equipment company serving complementary, diversified and expanding end markets. The combined company will have an attractive operating profile, a robust research and development innovation engine, and an expanded product portfolio with opportunities for cost and revenue synergies, according to officials. On a pro-forma basis for Fiscal Year 2024, the combined company generated revenue of $1.7 billion.

Under the terms of the agreement, Veeco shareholders will receive 0.3575 Axcelis shares for each share of Veeco they own. At closing, Axcelis shareholders are expected to own approximately 58% and Veeco shareholders are expected to own approximately 42% of the combined company, on a fully diluted basis. The merger agreement was approved unanimously by the boards of directors of both companies.

"This combination marks a transformational milestone for both Axcelis and Veeco, establishing a new leader in semiconductor capital equipment with complementary technologies, a diversified portfolio, and an expanded addressable market opportunity," according to Dr. Russell Low, President and Chief Executive Officer of Axcelis. "We have long admired Veeco's history of innovation and its track record of delivering breakthrough products." "This merger capitalizes on the core competencies of both Veeco and Axcelis to address our customers' critical needs," adds Dr. Bill MiIler, Chief Executive Officer of Veeco. "The combination of these two exceptional businesses will accelerate our ability to solve material challenges, enable advanced chip manufacturing, and build an even stronger company that can deliver superior value for all stakeholders."

Officials from both companies predict a host of benefits as a result of the merger. By integrating complementary technologies, solutions, and offerings, the combined company is expected to expand its total addressable market to over $5 billion, with greater exposure to secular tailwinds including artificial intelligence and the corresponding demand for power solutions. The combination will create the fourth largest U.S. wafer fabrication equipment supplier by revenue, delivering meaningful scale and resources to better compete throughout the global semiconductor equipment value chain. The combined company will also offer a differentiated and comprehensive product portfolio spanning ion implantation, laser annealing, ion beam deposition, advanced packaging solutions, and more.

The expanded portfolio will be supported by robust aftermarket services for the combined company's global customers, officials add. These complementary capabilities are expected to provide revenue synergies through the integration of technology expertise, cross-selling, and platform optimization. The combined company's complementary teams and technical capabilities directly lead to stronger capacity, expanded research and development scale, accelerated innovation and will unlock opportunities across key geographies and end market segments. Furthermore, customers will benefit from a more robust partner capable of supporting differentiated, next-generation technologies.

Upon close, the combined company's Board will comprise 11 directors, six of whom are from Axcelis, including Dr. Low, and four from Veeco, including Dr. Miller, who will also chair the Board's Technology Committee. Dr. Low will serve as President and Chief Executive Officer of the combined company. Following the closing of the transaction, the combined company will have its headquarters in Beverly, Massachusetts. The combined company will assume a new name, ticker symbol, and brand following close, which is expected in the second half of 2026.

For more information about Axcelis, please visit www.axcelis.com.