BOSTON, Nov. 12 – Desktop Metal Inc. today said it has successfully completed its acquisition of ExOne Co. following approval by a majority of ExOne’s shareholders.
Desktop Metal said the acquisition reinforces its leadership in additive manufacturing (AM) for mass production.ExOne extends Desktop Metal’s product platforms with complementary solutions to create an AM portfolio that offers industry-leading throughput, flexibility, and materials breadth, providing customers with a variety of options to address their specific application. Desktop Metal said it is committed to supporting ExOne’s existing customers around the world, as well as leveraging its global distribution network alongside ExOne’s direct sales force to provide businesses of all sizes with broader access to its AM 2.0 solutions and expanding materials library.
“This acquisition is a landmark moment for the additive manufacturing industry and creates an unmatched portfolio that strengthens Desktop Metal’s ability to accelerate the adoption of AM 2.0,” said Ric Fulop, founder and CEO of Desktop Metal.“We are proud to welcome ExOne’s talented team to Desktop Metal and to move forward as one company focused on the mass production of end-use parts through AM. We’ve begun the process of careful integration with the goal of driving outsized growth for the combined company in the years to come. We believe Desktop Metal is uniquely positioned to provide the widest range of end-use applications, and we are excited about the value creation opportunity for our customers, partners, shareholders, and employees."
Under the terms of the agreement, ExOne shareholders received $8.50 in cash and $16.43 in shares of Desktop Metal common stock for each share of ExOne common stock, for a total purchase price of approximately $24.93 per share, representing a transaction value of $561.3 million, including ExOne cash and cash equivalents, based on the 20-day volume-weighted average price (VWAP) of Desktop Metal common stock on Nov. 9.Desktop Metal and ExOne notified NASDAQ of the completion of the acquisition and requested that NASDAQ file a notification of delisting with the Securities and Exchange Commission (“SEC”) on ExOne’s behalf. Desktop Metal expects that the delisting of ExOne’s common stock from the NASDAQ stock exchange will formally become effective by 5:30 pm EST on Nov. 12. ExOne will continue to operate as a wholly-owned subsidiary of Desktop Metal and will remain headquartered in North Huntingdon, Pa.
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