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Lam Research to Buy Semiconductor Rival KLA-Tencor for $10.6 Billion

Lam Research (LRCX - Get Report) is shelling out $10.6 billion for its peer KLA-Tencor (KLAC - Get Report) to bolster its position in a rapidly consolidating semiconductor industry.

Lam Research announced on Tuesday that it has agreed to acquire KLA-Tencor for about $10.6 billion in cash and stock. The transaction has been unanimously approved by the boards of directors of both companies.

The acquisition values the target at about $67.02 per share, or $10.6 billion in equity value based on Lam's closing stock price on Tuesday. Under the terms of the agreement, KLA-Tencor shareholders have the option of receiving $32 in cash and 0.5 of a share of Lam...