Axcelis, Veeco Expect Merger Close by First Quarter 2027

The Tip Desk · November 2, 2026 · 2 min read

The all-stock semiconductor-equipment combination now targets a first-quarter 2027 close after China’s SAMR clearance and a new HSR filing.

Axcelis Technologies, Inc. (ACLS) and Veeco Instruments Inc. (VECO) now expect their all-stock merger to close by the end of the first quarter of 2027, subject to the satisfaction or waiver of all closing conditions.

The semiconductor equipment makers said there can be no assurances the closing will occur on that timeline. Completion remains subject to customary conditions, including pending regulatory approval from China’s State Administration for Market Regulation. The parties said they continue to work constructively with SAMR to obtain clearance.

Because the current Hart-Scott-Rodino clearance is set to expire, the companies plan to promptly make a new HSR submission. Closing is also conditioned on the expiration or early termination of the waiting period for that new filing.

Under the merger agreement, each share of Veeco common stock will be converted into 0.3575 Axcelis shares at closing.

The combination was first disclosed on October 1, 2025, when the companies said they had entered a definitive agreement to combine in an all-stock merger. The combined company was expected to have an enterprise value of approximately $4.4 billion based on closing share prices as of September 30, 2025, and outstanding debt as of June 30, 2025. At closing, Axcelis shareholders were expected to own about 58% and Veeco shareholders about 42% on a fully diluted basis.

On a pro-forma basis for fiscal year 2024, the combined company generated revenue of $1.7 billion, non-GAAP gross margin of 44% and adjusted EBITDA of $387 million, figures that did not reflect anticipated synergies. The companies said the combined company is expected to be well positioned as a semiconductor equipment leader serving complementary, diversified and expanding end markets.

Axcelis, headquartered in Beverly, Mass., has provided ion implantation systems for more than 45 years. Veeco, based in Plainview, N.Y., manufactures laser annealing, ion beam, MOCVD, single wafer etch and clean, and lithography equipment.

Both sets of stockholders approved the merger on February 6, 2026. At that time the companies still expected completion in the second half of 2026, with SAMR clearance still pending.