NORWOOD, MA -- LTX-Credence has agreed to acquire Multitest and Everett Charles Technologies for $93.5 million, including $73.5 million in cash.

The purchase price is subject to customary adjustments and the deal is expected to close by Dec. 31.

Including the acquired units, LTX-Credence will have trailing 12-month pro forma revenues of approximately $420 million, of which about $240 million is annual recurring revenue. The acquisition is expected to be immediately accretive to LTX-Credence's earnings. For the 12-month period ended July 31, LTX-Credence had sales of $152 million and a net loss of $12.2 million.

LTX-Credence will acquire the units from Dover's Printing & Identification subsidiary. Dover announced last November it was putting the companies in the block.

"The combination of LTX-Credence, Multitest and ECT will provide LTX-Credence with the opportunity to serve a greater share of the semiconductor test cell, while increasing access to the electronics manufacturing industry. The combined company will be the only provider of comprehensive test solutions and services for the semiconductor and printed circuit board markets -- redefining the test cell by assembling best-in-class technology from three market-leading companies into new, innovative solutions," LTX-Credence said.

"By bringing together industry-leading semiconductor and PCB test products and services, we are creating a comprehensive set of solutions that deliver enhanced value, high performance and world-class quality," said David Tacelli, LTX-Credence president and chief executive officer. "While one benefit of this combination is the ability to integrate best-in-class technologies from three leading companies into new, innovative solutions, we will continue to support and develop the individual products our customers rely on today, as well as create new products and services for the markets we serve."