Brooks Automation to sell automation unit for $3 bln, scraps separation plans
- Law firms
Sept 20 (Reuters) - Brooks Automation Inc (BRKS.O) would sell its semiconductor automation business to private equity firm Thomas H. Lee Partners LP (THL) for $3 billion in cash, scrapping earlier plans to separate the business from its life sciences unit.
Shares of the company were up over 3% in premarket trading on Monday.
Following the sale, which is expected to close in the first half of next year, THL will take over the semiconductor automation business, while the life sciences unit will operate as a standalone publicly traded company, Brooks Automation said.
Its life sciences segment caters to clients in the pharmaceutical, biotech and healthcare industries globally, while the automation business provides robotics and other automated solutions to chipmakers and equipment manufacturers.
Evercore acted as the exclusive financial adviser and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as legal counsel to Brooks Automation.
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