Sept 24 (Reuters) - Chipmaker Applied Materials Inc and Tokyo Electron Ltd said they will merge in an all-stock deal, creating a $29 billion company.
Under the terms of the agreement, Tokyo Electron shareholders will receive 3.25 shares of the new company for every Tokyo Electron share held. Applied Materials shareholders will receive 1 share of the new company for every Applied Materials share held.
After the close, Applied Materials shareholders will own approximately 68 percent of the new company and Tokyo Electron shareholders approximately 32 percent.
The combined company would maintain dual listing on the Nasdaq and Tokyo Stock Exchange, the companies said in a joint statement.