Electronics For Imaging, Inc. (EFI) announced that it has reached an agreement to sell its headquarters building in Foster City, California for $180 million to Gilead Sciences, Inc. The transaction is expected to close in October 2012, subject to various closing conditions.
The company will continue to occupy the building for up to 12 months after the closing, and expects to relocate its Foster City operations to a new San Francisco Bay Area location.
"We are pleased to seize this opportunity to enter a win-win agreement with Gilead Sciences, one of the world's strongest biopharmaceutical companies," said Guy Gecht, CEO of EFI. "The proceeds from this transaction will make EFI an even stronger company for our shareholders, customers and employees. Our plan is to find a new facility in the Bay Area that will foster innovation and creativity while minimizing the impact on our local employees' commutes."