Axcelis Technologies, Inc. (ACLS) entered a merger agreement on October 1, 2025, to acquire Veeco Instruments Inc. (VECO) in an all-stock deal valued at $2.18 billion.
Veeco shareholders will receive 0.3575 Axcelis shares for each share of Veeco they own, representing an implied value of $34.91 per share. This is at a premium of 14.71% from the stock’s last close.
Veeco is a semiconductor equipment company that makes tools like laser annealing, etch, deposition, and lithography systems, helping chipmakers build faster and more efficient electronic and photonic devices.
Axcelis is a semiconductor equipment company specializing in ion implantation systems and related services, providing critical technology and lifecycle support to chip manufacturers worldwide.
Upon closing, Axcelis shareholders are expected to hold approximately 58% of the combined company, while Veeco shareholders will own about 42%.
The combined company will have 11 board members: six from Axcelis, including CEO Russell Low, and four from Veeco, including CEO Bill Miller, who will also lead the Technology Committee. Thomas Dennis, who currently serves on both boards, will become Chairperson of the combined Board. Jorge Titinger, the current Chairperson of Axcelis, will also continue as a board member.
Low will serve as the Chief Executive Officer of the combined company, and James Coogan, currently Axcelis’ Chief Financial Officer, will continue in this role in the new organization.
The combined company will be headquartered in Beverly, Massachusetts. After the merger closes, it will launch a new name, ticker symbol, and brand.
The deal is expected to close in the second half of 2026.
Veeco was advised by UBS Investment Bank on financial matters and by Morrison & Foerster on legal matters. Axcelis was advised financially by J.P. Morgan Securities and legally by Skadden, Arps, Slate, Meagher & Flom.
Axcelis Technologies is paying 20.72 times EBITDA for Veeco Instruments.
For an in-depth analysis of this merger, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of Veeco Instruments Inc. (VECO) by Axcelis Technologies, Inc. (ACLS)
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– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
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– A history of deal updates.
– And a whole lot more.
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Editor’s Note: Baranjot Kaur contributed to this article