Deals & Suits

Corporate Counsel

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Applied Materials Tokyo Electron

Applied Materials Inc. agreed to buy rival semiconductor equipment manufacturer Tokyo Electron Ltd. Inc. for $9.3 billion in stock on September 24. The companies styled the deal as a merger of equals, though Applied Materials shareholders will own about two-thirds of the combined company, and Applied Materials CEO Gary Dickerson will hold the same title there. His counterpart at Tokyo Electron, Tetsuro Higashi, will be the chairman of the board. The companies did not reveal the name of the new entity, which will be incorporated in the Netherlands for tax reasons.

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