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KLA-Tencor to buy Orbotech for $3.4B

Semiconductor equipment manufacturer KLA-Tencor Corp. said it will acquire technology company Orbotech Ltd. for a total consideration of about $69.02 per share or $3.4 billion.

Orbotech provides solutions for the manufacture of printed circuit boards, flat panel displays and semiconductor devices.

The offer consists of $38.86 in cash and a quarter share of KLA-Tencor common stock for each Orbotech share.

KLA-Tencor also announced a $2 billion share repurchase program, which is expected to be completed within 12 to 18 months after closing the acquisition.