Onto Innovation to Invest $710M for 27% Rigaku Equity Stake
Onto Innovation will acquire 27% of Rigaku for about $710 million, gaining board representation and deepening its X-ray process control capabilities. The partnership integrates Onto’s Ai Diffract software with Rigaku’s CD-SAXS platforms, targeting a >$1 billion market and already winning contracts with two major semiconductor customers.
1. Strategic Collaboration
Onto Innovation will collaborate with Rigaku to integrate its Ai Diffract analysis software into Rigaku’s critical dimension small-angle X-ray scattering platforms, combining OCD metrology speed with X-ray precision for deeper structures at the 1nm node.
2. Equity Stake Acquisition
The company agreed to invest approximately $710 million to acquire 27% of Rigaku’s outstanding common stock, gaining board representation and accounting the stake at fair value without consolidating Rigaku’s results.
3. Market Potential and Early Wins
Analysts estimate the X-ray process control market will exceed $1 billion over the next five years, and two major semiconductor customers have already selected the integrated solution for advanced logic and memory applications.
4. Transaction Structure and Expectations
The deal, backed by committed financing from Goldman Sachs and advised by Greenhill, is expected to close in the second half of 2026 upon regulatory approval and become accretive by December 31, 2026.