Anaren, formed as Anaren Microwave in 1967 by two engineers who left General Electric to develop products using stripline technology, has been acquired by TTM Technologies, a public company (TTMI) manufacturing printed circuit boards (PCB).

TTM, which stands for “time to market” focuses on quick-turn and volume production of advanced PCBs and backplane and sub-system assembly. The acquisition expands TTM’s capabilities to include Anaren’s RF product portfolio and RF design capability. Anaren's products support applications in the defense and commercial communications markets. TTM expects the deal will allow it to capitalize on expected growth in defense radar systems and 5G wireless infrastructure.

TTM paid $775 million for Anaren, which boosts TTM's annual revenue from the $739 million reported in 2017 to a pro-forma $2.9 billion.

In a release announcing the deal, TTM said it has identified $15 million in cost synergies, which are expected to be realized within the first two years, with future synergies anticipated. TTM said the acquisition should be immediately accretive to non-GAAP earnings.

Tom Edman, the CEO of TTM, said, “I expect that integrating our manufacturing strength with Anaren’s RF engineering talent will enable us to deliver superior value-added solutions to our customers in the aerospace and defense market, as well as in the other markets we serve.

"I also believe that the combination will result in meaningful revenue synergy opportunities created by complementary capabilities that will benefit the customers and employees of both companies.”