ExOne to be acquired by Mass. manufacturer
A Massachusetts manufacturer, Desktop Metal Inc., is acquiring The ExOne Co., a North Huntingdon company that specializes in 3D printing technology, in a deal valued at $575 million.
“We are thrilled to bring ExOne into the DM family to create the leading additive manufacturing portfolio for mass production,” Ric Fulop, founder and CEO of Desktop Metal, said in a statement. “This transaction is a big step in delivering on our vision of accelerating the adoption of additive manufacturing 2.0.”
Desktop Metal will acquire all of the issued and outstanding shares of ExOne common stock. ExOne shareholders will receive $8.50 in cash and $17 in shares of Desktop Metal common stock for each share of ExOne common stock, for a total consideration of $25.50 per share.
“We believe our complementary platforms will better serve customers, accelerate adoption of green technologies, and drive increased shareholder value,” John Hartner, CEO of ExOne, said in a statement.
“Today is a game-changing moment for the additive manufacturing community,” said Kent Rockwell, chairman of ExOne. Mr. Rockwell, ExOne’s largest shareholder, will vote his 4.2 million shares in favor of the transaction.
The deal, which has been unanimously approved by the ExOne’s board of directors, is expected to close in the fourth quarter of 2021, subject to the approval of ExOne shareholders and satisfaction of customary closing conditions.
Credit Suisse Securities (USA) LLC is acting as exclusive financial adviser and Latham & Watkins is acting as legal adviser to Desktop Metal. Stifel is acting as exclusive financial adviser; McGuireWoods LLP is acting as legal adviser to ExOne.