Microsemi acquires Symmetricom

28th November 2013

Nat Bowers

0 0

Microsemi has completed it's acquisition of Symmetricom under Section 251(h) of the DGCL, with no stockholder vote required to consummate the merger. At the effective time of the merger, each outstanding share of Symmetricom was converted into the right to receive $7.18 per share in cash, without interest and less any applicable withholding taxes, the same price that was paid in the tender offer. Symmetricom shares will cease to be traded on NASDAQ.

Gaining a strong footprint in IT infrastructure and metrology applications, the acquisition allows Microsemi to gain share by providing 'total system' solutions to high value, high barrier to entry markets where it holds leadership positions. Microsemi also has the opportunity to capitalise on growth opportunities for Symmetricom's chip scale atomic clock technology, amongst other leading-edge products.

James J. Peterson, chairman of the board and CEO of Microsemi, commented: "We look forward to integrating the talented Symmetricom team and leveraging our product and technology synergies to develop solutions that contribute to our customers' success. We are eager to drive the business forward for our stakeholders as we continue to execute Microsemi's growth strategy."

The world's leading source of highly precise timekeeping technologies and solutions for next generation data, voice, mobile and video networks and services, Symmetricom provides timekeeping in GPS satellites, national time references, and national power grids as well as in critical military and civilian networks.

Through acquiring Symmetricom, Microsemi can now offer the largest and most complete timing product offering in the industry. Delivering the source, synchronization and distribution of end-to-end timing solutions, Microsemi can now address a broader range of opportunities in aerospace, communications, defense and industrial markets.