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ACQUISITIONS | 6 Months Ended
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Jun. 30, 2021
ACQUISITIONS |
ACQUISITIONS | NOTE 2. ACQUISITIONS Intangible Assets Acquired In January 2021, we acquired certain intangible assets related to the manufacturing of fiber optic sensing equipment for $3.6 million in cash and an additional $2.9 million expected to be paid within one year of the closing date. These intangible assets have an estimated useful life of five years. See Note 12. Intangible Assets for details. TEGAM, Inc. On June 1, 2021, we acquired 100% of the issued and outstanding shares of capital stock of TEGAM, Inc., which is based in Geneva, Ohio. This acquisition added metrology and calibration instrumentation to Advanced Energy’s radio frequency (“RF”) process power solutions in our semiconductor and advanced industrial markets. The components of the fair value of the total consideration transferred were as follows: ​
​ | ​ | ​ | ​
Cash paid for acquisition |  | $ | 15,552
Holdback | ​ | ​ | 2,100
Total fair value of consideration transferred | ​ | ​ | 17,652
Less cash acquired | ​ | ​ | (472)
Total purchase price | ​ | $ | 17,180
​ We are still evaluating the fair value for the assets acquired and liabilities assumed. Accordingly, the purchase price allocation presented below is preliminary. ​
​ | ​ | ​ | ​
​ |  | Preliminary Fair Value
Current assets and liabilities, net | ​ | $ | 3,870
Property and equipment | ​ | ​ | 734
Operating lease right-of-use assets | ​ | ​ | 425
Intangible assets | ​ | ​ | 6,900
Goodwill | ​ | ​ | 5,670
Other non-current assets | ​ | ​ | 31
Total assets acquired | ​ | ​ | 17,630
Other non-current liabilities | ​ | ​ | 25
Operating lease liability | ​ | ​ | 425
Total liabilities assumed | ​ | ​ | 450
Total fair value of net assets acquired | ​ | $ | 17,180
​ Versatile Power, Inc. On December 31, 2020, we acquired 100% of the issued and outstanding shares of capital stock of Versatile Power, Inc., which is based in Campbell, California. This acquisition added RF and programmable power supplies for medical and industrial applications to our product portfolio and further expands our presence in the medical market by adding proven technologies, deep customer relationships, expertise in medical design, and a medical-certified manufacturing center. The components of the fair value of the total consideration transferred were as follows: ​
​ | ​ | ​ | ​
Cash paid for acquisition |  | $ | 4,601
Holdback | ​ | ​ | 950
Contingent consideration | ​ | ​ | 1,500
Total fair value of consideration transferred | ​ | ​ | 7,051
Less cash acquired | ​ | ​ | (245)
Total purchase price | ​ | $ | 6,806
​ We are still evaluating the fair value for the assets acquired and liabilities assumed. Accordingly, the purchase price allocation presented below is preliminary. ​
​ | ​ | ​ | ​
​ |  | Preliminary Fair Value
Current assets and liabilities, net | ​ | $ | 1,013
Property and equipment | ​ | ​ | 35
Operating lease right-of-use assets | ​ | ​ | 463
Intangible assets | ​ | ​ | 4,000
Goodwill | ​ | ​ | 1,778
Total assets acquired | ​ | ​ | 7,289
Other non-current liabilities | ​ | ​ | 20
Operating lease liability | ​ | ​ | 463
Total liabilities assumed | ​ | ​ | 483
Total fair value of net assets acquired | ​ | $ | 6,806
​

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