NORTH READING, Mass. (AP) -- Teradyne Inc. Tuesday said it had agreed to buy Eagle Test Systems Inc., a maker of semiconductor test products, for about $360 million in cash.
Teradyne is offering $15.65 per Eagle Test share, a 10 percent premium to Friday's closing price of $14.18. In premarket trading Tuesday, shares of Buffalo Grove, Ill.-based Eagle Test were up $1.07, or 7.5 percent, at $15.25.
Teradyne makes test systems for electronics, chips and automobiles.
The total value of the deal is based on the number of Eagle Test shares outstanding. Teradyne put the value of the acquisition at $250 million, net of Eagle Test's cash.
North Reading-based Teradyne expects the deal to add to earnings, excluding purchase accounting effects, starting next year.
Teradyne shares fell 21 cents, or 2.2 percent, to $9.12 in trading before the opening bell.