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© firaxissmooke / dreamstime.com Components | December 28, 2011

Mosaid acquisition completed

Mosaid Technologies announces closing of acquisition by Sterling Partners.
Mosaid Technologies Inc. has completed the statutory arrangement pursuant to which 7577796 Canada Inc., a corporation directly or indirectly owned by investment funds under the management of Sterling Fund Management, LLC, has acquired all the outstanding common shares of Mosaid for a cash payment of USD 46.00 per share. The total value of the transaction is approximately USD 590 million.

With the completion of the arrangement, Mosaid's shares are expected to be de-listed from the Toronto Stock Exchange following the close of trading on December 28, 2011 (the next trading day after the date of closing of the arrangement).

As previously disclosed, the transaction was approved by shareholders on December 19, 2011 and was approved by the Ontario Superior Court of Justice on December 22, 2011.
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