Stratasys and MakerBot announced the signing of a definitive merger agreement whereby privately held MakerBot has agreed to merge with a subsidiary of Stratasys in a stock-for-stock transaction.
The combination of these two industry leaders is expected to drive faster adoption of 3D printing for multiple applications and industries, Stratasys says. Upon completion of the transaction, MakerBot will operate as a separate subsidiary of Stratasys, maintaining its own identity, products and go-to-market strategy. The merger is expected to be completed during the third quarter of 2013, subject to regulatory approvals and other conditions customary for such transactions.
"MakerBot's 3D printers are rapidly being adopted by CAD-trained designers and engineers," said David Reis, Stratasys CEO. "Bre Pettis and his team at MakerBot have built the strongest brand in the desktop 3D printer category by delivering an exceptional user experience. MakerBot has impressive products, and we believe that the company s strategy of making 3D printing accessible and affordable will continue to drive adoption. I am looking forward to working with Bre."
Under the terms of the merger agreement, Stratasys will initially issue approximately 4.76 million shares in exchange for 100% of the outstanding capital stock of MakerBot. The proposed merger has an initial value of $403 million based on Stratasys closing stock price of $84.60 as of June 19, 2013.
For more information, visit Stratasys and MakerBot.
Sources: Press materials received from the company and additional information gleaned from the company's website.