Ultra Clean Holdings, a developer and supplier of critical subsystems for the semiconductor and display capital equipment industries, completed its previously announced acquisition of Quantum Global Technologies (QGT) for $342 million in cash, subject to customary balance sheet adjustments.

UCT funded the transaction and refinanced its existing debt using cash on hand and net proceeds from a new $350 million term loan and a $65 million revolving credit facility. Barclays served as lead bookrunner for the acquisition financing. Needham & Company served as financial advisor to UCT and Davis Polk served as UCT’s legal advisor. Cowen served as financial advisor to QGT and Fox Rothschild served as QGT’s legal advisor.

“We are very excited about the combination of UCT and QGT as it creates a premier supplier of enhanced offerings, services and capabilities to the semiconductor market, enabling us to better serve our combined IDM and OEM global customer base,” said Jim Scholhamer, Ultra Clean CEO. “Our leadership team is committed to ensuring a smooth transition and we are confident our increased scale will extend our leadership position and provide an excellent platform for profitable growth.”