Davis Polk is advising FormFactor, Inc. in connection with its acquisition of Cascade Microtech, Inc. for a total equity value of approximately $352 million in cash and stock consideration. The transaction, which is expected to close mid-year 2016, is subject to approval by Cascade Microtech shareholders, regulatory approvals and other customary closing conditions.

Davis Polk is also advising FormFactor on approximately $150 million in debt financing for the transaction.

FormFactor helps semiconductor manufacturers test the integrated circuits that power consumer mobile devices, as well as computing, automotive and other applications. Headquartered in Livermore, California, FormFactor is one of the world’s leading providers of essential wafer test technologies and expertise, with an extensive portfolio of high-performance probe cards for DRAM, Flash and SoC devices. Cascade Microtech is a leader in precision contact, electrical measurement and test of integrated circuits, optical devices and other small structures.

The Davis Polk corporate team includes partner Sarah K. Solum and associates Jeffrey C. Lau and Donald K. Lang. Partner Lawrence E. Wieman and associate Vivian Y. Wong are providing credit advice. Partner Rachel D. Kleinberg and associate Alexander Wu are providing tax advice. Counsel Cynthia Akard is providing executive compensation advice. Partner Arthur J. Burke and counsel Mary K. Marks are providing antitrust and competition advice. Members of the Davis Polk team are based in the Northern California and New York offices.