Chip maker Applied Materials Inc. said Monday it closed its $360 million acquisition of rival Semitool Inc.
Applied Materials launched its tender offer to buy Semitool last month in a bid to tap the growing market for semiconductors that go into mobile gadgets including "smart" phones and notebook computers.
The acquisition converts each outstanding share of Semitool common stock into the right to receive $11 in cash. The tender offer was completed in Dec. 17.
Semitool, which is based in Kalispell, Mont., will operate under Applied Materials' Silicon Systems Group.
Shares of Applied Materials gained 20 cents to $13.82.