Additive manufacturing company Nano Dimension Ltd., Waltham, Mass., announced that it has entered into a definitive agreement with Boston-based Desktop Metal Inc., under which Nano Dimension will acquire all outstanding shares of Desktop Metal.
The all-cash transaction would be for a total price of $183 million with a valuation of $5.50 per share, which represents a 27.3 percent premium to Desktop Metal’s closing price. Downward adjustments would be possible to as low as $4.07 per share, for a $135 million transaction value.
Yoav Stern, Nano Dimension’s CEO and member of the board of directors, said, “Our combination with Desktop Metal is another step in Nano Dimension’s evolution to become the leader in digital manufacturing, with capabilities in mass manufacturing for critical industrial applications. We’re excited to join forces with an excellent group of technology leaders, all of whom share our vision for transforming manufacturing to Digital Industry 4.0.”
Ric Fulop, Desktop Metal’s co-founder and CEO, said, “We look forward to working with Nano Dimension to join two great companies and their devoted teams that can serve our stakeholders to the maximum extent possible.”
In a joint announcement, the companies said the acquisition will provide a range of benefits, including uniting two complementary portfolios, accelerating industry transition to mass production, and creating a combined company with a strong financial profile and cash reserves.
The two companies took a long, convoluted path to reaching this deal. In September of last year, an attempted $1.8 billion merger between Desktop Metal and 3D printer manufacturer Stratasys was rejected by that company’s shareholders, and in December, Nano Dimension made the last of several unsuccessful bids to purchase Stratasys, which had also rejected takeover offers from 3D Systems.
