Oxford Instruments plc, a provider of high technology tools and systems for industry and research, has acquired Asylum Research, a leader in scanning probe/atomic force microscopy. The acquisition is subject to customary conditions of the London Stock Exchange and is expected to be completed before the end of December 2012.
Asylum Research is being acquired from its management for an initial debt-free, cash-free consideration of $32.0 million with a deferred element of up to $48.0 million payable over three years dependent on its performance over that period. Asylum Research will remain in Santa Barbara, Calif., and keep its current management structure with co-founders Dick Clark, Chief Financial Officer, Roger Proksch, President, and Jason Cleveland, CEO.
“The acquisition of Asylum Research significantly increases our footprint in the nanotechnology space and complements our strong position in electron microscopes with a presence in another fundamental nanotechnology measurement technique,” said Jonathan Flint, Chief Executive of Oxford Instruments. “The acquisition also gives us access to the rapidly growing bio-nanotechnology market as it allows customers to perform analysis of organic samples in their natural liquid environments, something which cannot readily be done using electron microscopes.”