Chip equipment maker Applied Materials Inc. said Friday that it expects to close its acquisition of rival Semitool Inc. by Dec. 21.
Applied Materials said its offer to buy all outstanding shares of Semitool from its stockholders for $11 per share in cash has closed. The deal is worth around $360 million.
Semitool shareholders turned in 31.2 million shares, or over 94 percent of its outstanding stock. Applied Materials would buy any remaining Semitool shares not tendered.
On Thursday, Applied Materials said the Federal Trade Commission and the Justice Department granted early termination of the waiting period under the Hart-Scott Rodino Act, an antitrust law governing mergers and alliances between competitors.
Applied Materials said the purchase of Semitool, based in Kalispell, Mont., will help the company tap the growing market for semiconductors that go into mobile gadgets including smartphones and notebook computers.
Semitool will operate under Applied Materials' Silicon Systems Group.
Shares of Applied Materials, based in Santa Clara, rose by 8 cents to $13.43 in midday trading. Semitool lost a penny to $10.99.