Stratasys and MakerBot completed their merger deal, which was first announced back in June and followed by a near media frenzy.
So, now all the ‘i’s’ have been dotted and the ‘t’s’ have been crossed and the two companies are firmly, and contractually, together operating a subsidiary business model, whereby Makerbot retains its own identity and brand.
The two CEO’s provided statements on the completion, reflecting the different, hopefully complementary, approaches of each. David Reis, Stratasys’ CEO said: “Stratasys and MakerBot share a vision about the potential for 3D printing to transform design and manufacturing. Our goal now is to maximize the benefits this merger creates for our shareholders, our customers and our employees.” While Bre Pettis, MakerBot’s CEO was briefer, but as punchy as ever: “We are excited for the future – full speed ahead!”
The transaction details are as follows:
“Consistent with the terms of the merger, Stratasys will issue up to 4.7 million of its shares in exchange for 100% of the outstanding capital stock of MakerBot. MakerBot stakeholders also qualify for performance-based earn-outs that provide for the issue of up to an additional 2.36 million shares through the end of 2014. Those earn-outs, if earned, will be made in Stratasys shares or cash (in an amount reflecting the value of the Stratasys shares that would have otherwise been issued at the relevant earn-out determination date), or a combination thereof, at Stratasys’ discretion.”
Source: Stratasys
