Shares of Nano Dimension (NASDAQ: NNDM) were down in pre-market trading on Friday after the additive manufacturing electronics company announced the acquisition of Stratasys (SSYS) for $18 per share in cash. Shares of Stratasys soared by more than 10% in pre-market trading following the news.
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Nano Dimension currently owns around 14.5% of Stratasys’ outstanding shares (13.7% on a fully diluted basis) and has been the company’s largest shareholder since July 2022.
NNDM would acquire the remaining shares of Stratasys for total consideration of around $1.1 billion in cash. The offer price indicates a premium of 36% to the unaffected closing trading price as of March 1 and a 31% premium to the 60-day Volume Weighted Average Price (VWAP) through March 1, 2023.
Nano Dimension stated that Stratasys could prove to be a “strategic, complementary asset in the relatively mature polymer-based additive manufacturing market segment” and the acquisition would “create a market leader with unparalleled portfolio of materials, software, and deep learning with a go-to-market strength in the form of sales channels.”
NNDM stock has soared by more than 30% year-to-date.
