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ACQUISITIONS | 6 Months Ended
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Jun. 30, 2024
ACQUISITIONS |
ACQUISITIONS | ​ ​ NOTE 2. ACQUISITIONS On June 20, 2024, we acquired 100% of the issued and outstanding shares of capital stock of Airity Technologies, Inc. (“Airity”), which is based in Redwood City, California. We accounted for this transaction as a business combination. This acquisition adds high voltage power conversion technologies and products, which broadens our range of targeted applications within our Semiconductor Equipment and Industrial and Medical markets. ​ The following table summarizes the consideration paid: ​
​ | ​ | ​ | ​
​ | ​ | Consideration
Cash paid at closing | ​ | $ | 14,301
Advanced Energy common stock | ​ | ​ | 4,463
Settlement of payables | ​ | ​ | (654)
Indemnity holdback payable on the one-year anniversary | ​ | ​ | 1,500
Total fair value of purchase consideration | ​ | $ | 19,610
​ We are still evaluating the fair value of the assets acquired and liabilities assumed, inclusive of the acquired intangible assets, including their estimated useful lives, related tax impacts, and resulting goodwill. Our preliminary allocation of the fair value of purchase consideration was as follows: ​
​ | ​ | ​ | ​
​ | ​ | Fair Value
Cash | ​ | $ | 539
Current assets and liabilities, net | ​ | ​ | 372
Property and equipment | ​ | ​ | 42
Deferred tax and other liabilities | ​ | ​ | (2,144)
Intangible assets | ​ | ​ | 4,200
Goodwill (not deductible for tax purposes) | ​ | ​ | 16,601
Total fair value of net assets acquired | ​ | $ | 19,610
​ We included Airity’s results of operations in our consolidated financial statements from the date of acquisition. ​ In connection with the acquisition, we entered into agreements with certain former Airity employees. On the closing date, these individuals received a total of 0.1 million shares of Advanced Energy common stock valued at $15.6 million based on the June 20, 2024 closing price, of which $4.5 million was allocated to purchase consideration and $11.1 million will be future compensation. We will record the $11.1 million as stock-based compensation expense over the three-year expected vesting period.

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