Veeco Instruments Inc. (NASDAQ: VECO) and Axcelis Technologies Inc. (NASDAQ: ACLS) announced that Veeco stockholders voted to approve all proposals related to the pending merger on February 6, 2026. The vote, which passed with a 95.84% approval rate, removes a key hurdle and brings the transaction a step closer to closing in the second half of 2026, subject to customary conditions including regulatory approval from China’s State Administration for Market Regulation.
Under the terms of the all‑stock deal, each Veeco share will be exchanged for 0.3575 Axcelis shares, giving Axcelis shareholders an estimated 58% stake and Veeco shareholders 42% of the combined company on a fully diluted basis. Russell Low, Axcelis’ current CEO, will become CEO of the combined entity, while Veeco CEO Bill Miller will chair the technology committee of the new board.
Financially, the combined company will hold more than $900 million in cash and will serve a $5 billion+ addressable market. The parties have projected $35 million in annual run‑rate cost synergies within 24 months of closing, driven by overlapping manufacturing operations and shared R&D pipelines. Veeco’s third‑quarter 2025 revenue of $165.9 million fell 10% YoY, while Axcelis reported 2024 revenue of $1.02 billion, a 9.97% decline from the prior year, underscoring the need for the scale and cross‑selling opportunities the merger will create.
The merger is expected to make the combined company the fourth‑largest U.S. wafer‑fabrication equipment supplier, positioning it to better serve AI and power‑solution markets. The deal also expands the product portfolio, enabling cross‑selling of laser annealing, ion‑beam deposition, advanced packaging, and ion‑implantation technologies, and enhances platform optimization across the supply chain.
On the day of the vote, Axcelis shares closed up 5.63% and Veeco shares closed nearly 6%, reflecting investor confidence that the approval removes a significant barrier to completion and signals strong strategic alignment between the two firms.
The approval also highlights the companies’ commitment to delivering long‑term shareholder value through operational efficiencies, expanded market reach, and a stronger competitive position in a rapidly evolving semiconductor equipment landscape.
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