FormFactor Inc. (Nasdaq: FORM), a semiconductor testing company, is buying competitor Cascade Microtech Inc. (Nasdaq: CSCD) for $352 million in cash and stock.

The combined company will take over the complementary market leadership positions of the pre-merger companies in various categories of semiconductor testing and measurement. FormFactor, based in Livermore, California, expects the combined company to realize $10 million to $12 million in annualized cost synergies within 18 to 24 months of closing, which is expected by mid-2016. Cascade is based in Beaverton, Oregon.

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