Technoprobe, an Italian manufacturer of chip testing solutions, has signed a binding offer to acquire California-based PCB maker Harbor Electronics.

Under the terms of the offer, which includes a 30-day exclusivity period to finalize and sign the final acquisition agreement, Technoprobe will pay around $50 million net of any adjustments related to changes in the target company's cash holdings.

Harbor Electronics, founded in the 1980s in Santa Clara, California and acquired in 2015 by the Shenzhen-headquartered Fastprint Circuit Tech group, is a manufacturer of advanced PCBs for testing systems for major semiconductor manufacturers. The company reported revenues of around $52 million, an EBITDA of about 16%, and a net financial position of about $5 million.

With the acquisition, Technoprobe will further strengthen its technological competencies in the testing area by vertically integrating its production process through the in-house production of advanced printed circuit boards for its probe cards and final test boards, the company said in a release.

"The acquisition of Harbor Electronics has an important strategic value because it allows us to consolidate the process of vertical integration of the production process of our probe cards by leveraging the significant technological synergies of two important players in the testing field," said Technoprobe CEO Stefano Felici. "In addition, the distinctive skills of Harbor Electronics will allow us to increase our knowledge in the Final Testing segment."