Why Brooks Automation Shot Nearly 9% Higher Today

Sprawling engineering company Brooks Automation (NASDAQ: BRKS) will become a little less sprawling with an upcoming asset sale. It announced its deal on Monday and was rewarded with an almost 9% improvement in its stock price from satisfied shareholders.

Brooks has signed a definitive agreement to unload its legacy semiconductor solutions business, the company revealed that morning. The buyer is private equity firm Thomas H. Lee Partners, and the price is $3 billion, subject to adjustments for working capital and other items, Brooks said. The transaction will be entirely in cash.

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Source Fool.com