Stratasys and Objet, both manufacturers of 3D printing technology, have announced an agreement to merge in an all-stock transaction with a combined equity value of approximately $1.4 billion.
Stratasys and Objet, both manufacturers of 3D printing technology, have announced an agreement to merge in an all-stock transaction with a combined equity value of approximately $1.4 billion. Among the benefits of the transaction, the two companies cite a more expansive product portfolio, expanded sales and marketing reach, enhanced capabilities and scale, a strong leadership and management team, strengthened financial performance and an attractive long-term operating model. The merger is expected to be completed by the third quarter of 2012, subject to necessary approvals and compliance with various regulatory and other conditions.
The combined company, which will retain the Stratasys name, will have dual headquarters in Eden Prairie, Minnesota and Rehovot, Israel, the locations of Stratasys’ and Objet’s current headquarters, respectively. It will be registered in Israel. Scott Crump, co-founder, CEO and chairman of Stratasys, will become full-time chairman of the combined company. Elchanan Jaglom, chairman of objet, will serve as chairman of the executive committee, which will consist of four members of the board of directors and will oversee the integration and implement business strategy. The full board will consist of 9 directors, of which four will be designated by Stratasys, four by Objet, and one designated by Stratasys and approved by Objet. David Reis, CEO of Objet, will become CEO of the combined company.
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