Süss MicroTec AG / Key word(s): Miscellaneous
SUSS MicroTec AG: Divestment of Cascade- shares leads to an one- time tax free gain in the first quarter 2011 of 0.8 EUR million
Garching, Germany, March, 7 2010 - SUSS MicroTec AG, which is listed in the Prime Standard of Deutsche Börse AG, announced in January 2010 the sale of its Test Systems Division to Cascade Microtech, Inc.. The purchase price for the SUSS MicroTec Test Systems GmbH, which is subject to a post-closing purchase price adjustment, is cash and debt free and consists of a fixed amount and an amount placed in escrow. The fixed component amounts to EUR 4.5 million of which EUR 2.0 million was paid in cash and EUR 2.5 million was paid in shares of Cascade Microtech common stock. In addition, an amount of EUR 2.5 million has been placed in escrow and will be released to the seller upon meeting certain post-sale conditions.
SUSS MicroTec sold all its ordinary shares of Cascade Microtech, acquired in the course of this transaction, via the stock exchange in the first quarter of 2011. At Group level, this transaction results in a one-time tax free gain of 0.8 EUR million. The divestment of the shares will lead to a liquidity inflow of 3.3 EUR million.
So far SUSS MicroTec AG gained 6.6 EUR million in cash from of the sale of its Test Systems Division. This amount includes the fixed purchase price, post-closing purchase price adjustments, releases from the amount placed in escrow and the divestment of shares. From the amount placed in escrow, SUSS MicroTec could gain further 1.5 EUR million in total in the future.
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|Company:||Süss MicroTec AG|
|Schleissheimer Strasse 90|
|85748 Garching b. München|
|Phone:||+49 (0)89 32007-161|
|Fax:||+49 (0)89 32007-336|
|Listed:||Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart|
|End of News||DGAP News-Service|