|12 Months Ended|
Jun. 30, 2017
|Business Combinations [Abstract]|
NOTE 5 - BUSINESS COMBINATION
On June 9, 2017, the Company completed the acquisition of the outstanding shares of a privately-held company that designs and manufactures optical profilers and defect inspection systems for advanced semiconductor packaging, LED and data storage industries, for total purchase consideration of $36.9 million, including cash paid of $31.6 million at closing. The remaining acquisition holdback amount of $5.3 million will be paid before the end of calendar year 2017. The primary reason for the acquisition is to expand the Company’s portfolio of products.
The following table represents the preliminary purchase price allocation and summarizes the aggregate estimated fair value of the net assets acquired on the closing date of the acquisition:
The operating results of the acquired entity have been included in the Company’s consolidated financial statements for the fiscal year ending June 30, 2017. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired. The $14.3 million of goodwill was assigned to the Global Service and Support (“GSS”), and the Other reporting units. None of the goodwill recognized is deductible for income tax purposes.
The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
Reference 1: http://www.xbrl.org/2003/role/presentationRef