Chelmsford, MA headquartered Azenta Inc. (NASDAQ: AZTA) completes the previously announced sale of its Semiconductor Solutions Group business or automation business to Thomas H. Lee Partners for $3 billion in cash, subject to adjustments for working capital and other items.
Proceeds from the sale, net of taxes, fees and adjustments, are estimated to be approximately $2.4 billion. Nearly $50 million of the proceeds from the sale were used by Azenta to clear off the outstanding balance of its term loan facility. The company also terminated its revolving line of credit, which had no borrowings outstanding.
With the completion of the sale, Azenta’s business and operations will be focused exclusively on the life sciences industry. Azenta expects to use the net sale proceeds for future strategic investments.
