- ADI RF and microwave portfolio now spans entire frequency spectrum,
enabling more complete solutions for customers.
Company Website:
http://www.analog.com
NORWOOD, Mass. -- (Business Wire)
Analog Devices, Inc. (NASDAQ: ADI)
today announced it has completed its acquisition of Hittite Microwave
Corporation in an all-cash transaction at a purchase price of $78 per
share, reflecting a total enterprise value of approximately $2 billion.
“ADI’s portfolio now spans the entire frequency spectrum of RF,
microwave, and millimeter wave,” said Vincent Roche, ADI President and
CEO. “Complemented by our world class signal processing franchise, we
believe our customers will benefit from more complete solutions across a
breadth of applications, including industrial instrumentation, aerospace
and defense electronics, communications infrastructure, and automotive
safety.”
“We are very excited to have the Hittite team join ADI and together, we
believe we can create greater value for our customers and our
shareholders,” said Mr. Roche.
ADI also announced its new RF and Microwave Group (RFMG) will be led by
Rick D. Hess, former President and CEO of Hittite Microwave. RFMG
combines product and technology development teams from ADI’s RF and
microwave group and Hittite Microwave.
As a result of the acquisition, Hittite Microwave’s shares of common
stock have been delisted from the NASDAQ Global Select Market effective
as of the close of trading today.
ADI’s management will discuss its third quarter fiscal year 2014
financial results and business outlook for the combined company during
its third quarter earnings conference call scheduled for Tuesday, August
26, 2014.
Credit Suisse Securities (USA) LLC acted as ADI’s exclusive financial
advisor and WilmerHale acted as ADI’s legal counsel in connection with
the transaction.
Forward-Looking Statements
This press release contains forward-looking statements, which address
a variety of subjects including, for example, the expected benefits of
the transaction to customers and shareholders, and ADI’s expected
product development and technical advances resulting from the
transaction. Statements that are not historical facts, including
statements about our beliefs and expectations, are forward-looking
statements. Such statements are based on our current expectations and
are subject to a number of factors and uncertainties, which could cause
actual results to differ materially from those described in the
forward-looking statements. The following important factors and
uncertainties, among others, could cause actual results to differ
materially from those described in these forward-looking statements: we
may experience higher than expected or unexpected costs associated with
or relating to the transaction; the expected benefits, synergies and
growth prospects of the transaction may not be achieved in a timely
manner, or at all; Hittite’s business may not be successfully integrated
with ADI’s following the closing; and disruption from the transaction
may adversely affect Hittite’s relationships with its customers,
suppliers or employees. For additional information about factors that
could cause actual results to differ materially from those described in
the forward-looking statements, please refer to both ADI’s and Hittite’s
filings with the Securities and Exchange Commission, including the risk
factors contained in each of ADI’s and Hittite’s most recent Quarterly
Reports on Form 10-Q. Forward-looking statements represent management’s
current expectations and are inherently uncertain. Except as required by
law, we do not undertake any obligation to update forward-looking
statements made by us to reflect subsequent events or circumstances.
About Analog Devices
Innovation, performance, and excellence are the cultural pillars on
which Analog Devices has built one of the longest standing, highest
growth companies within the technology sector. Acknowledged
industry-wide as the world leader in data conversion and signal
conditioning technology, Analog Devices serves over 60,000 customers,
representing virtually all types of electronic equipment. Analog Devices
is headquartered in Norwood, Massachusetts, with design and
manufacturing facilities throughout the world. Analog Devices' common
stock is included in the S&P 500 Index.
Contacts:
Investors:
Analog Devices, Inc.
Mr.
Ali Husain, 781-461-3282
781-461-3491 (fax)
investor.relations@analog.com
or
Press:
Analog
Devices, Inc.
Ms. Colleen Cronin, 781-937-1622
Colleen.cronin@analog.com
Source: Analog Devices, Inc.
© 2024 Canjex Publishing Ltd. All rights reserved.