ST. LOUIS (AP) -- Viasystems Group Inc., which makes printed circuit boards and other products, is buying electronics manufacturing services provider DDi Corp. for $268 million in order to strengthen its position in the printed circuit boards industry.
St. Louis-based Viasystems said Wednesday that it will pay $13 per share for DDi, which is a 6 percent premium over DDi's closing stock price of $12.26 on Tuesday. DDi is based in Anaheim, Calif.
Both companies' boards have approved the deal.
The companies said that the transaction's total value is about $282 million when including DDi debt that Viasystems will assume. The acquisition is not subject to a financing condition.
The combined company will have approximately 15,650 workers
The acquisition is expected to immediately add to Viasystems' adjusted earnings per share and is anticipated to save Viasystems at least $10 million a year prior to accounting for income tax effects. These savings are expected to be realized within six months after the buyout closes.
The deal is expected to close late in this quarter or early in the third quarter.