Applied Materials Inc., the world's largest supplier of chip-making equipment, has agreed to acquire Tokyo Electron Ltd., its closest rival, for $9.39 billion (¥926 billion) in stock, in the largest bid by a foreign corporation for a Japanese firm in six years.
Gary Dickerson, who became chief executive officer of Applied Materials on Sept. 1, will serve as CEO of the combined company, the two companies said Tuesday.
Tokyo Electron intends to complete the deal as early as the middle of next year, CEO Tetsuro Higashi said. Shareholders of Applied Materials, based in Santa Clara, California, will own 68 percent of the new entity.
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