TTM buy positions it for more aerospace work (credit: Wikipedia)

TTM buy positions it for more aerospace work (credit: Wikipedia)

TTM Technologies Inc. has agreed to pay $775 million to affiliates of New York private equity firm Veritas Capital for East Syracuse-based Anaren Inc.

The transaction, financed through cash and an existing Term B loan, is scheduled to close in the first half of next year.

The combined companies would have posted about $2.8 billion in revenue in the 12 months through September and adjusted income of about $450 million in earnings before interest, taxes, depreciation and amortization. The vast majority of sales—$2.6 billion—were generated by TTM, the nation’s largest printed circuit-board maker.

Under the deal, the Costa Mesa-based company acquires key radio frequency components and subsystems for the aerospace and defense, and networking/communication markets, positioning it to benefit from expected increased spending in advanced radar technology and the ongoing ramp-up of 5G connectivity.

TTM said the acquisition will result in about $15 million in cost synergies realized within the first two years of closing the transaction.

Anaren, established in 1967, employs about 1,000 workers, according to its LinkedIn profile.

Investors seemed to look past the news, as TTM shares were essentially flat in the trading session. Its market value is about $1.6 billion.