Electronics Production | October 04, 2010
Microsemi to acquire Actel
Microsemi Corp. has entered into a definitive agreement to acquire Actel Corp. for USD 20.88 per share through a cash tender offer. The total transaction value is approximately USD 430 million, net of Actel's projected cash balance at closing.
"We believe the addition of Actel will deliver compelling synergies to Microsemi. Actel will bring the most widely-used mixed-signal, radiation tolerant FPGA products in the Aerospace & Defense markets today, and the company's products will allow Microsemi to extend its growing system-level capabilities. As Microsemi continues to move up the value chain in offering its customers system solutions that are better, faster, and more-cost effective than they can build themselves, Actel's highly-integrated solutions will be an integral component in enabling this growth", stated James J. Peterson, Microsemi President and Chief Executive Officer. "." "The proposed acquisition of Actel by Microsemi will create a powerful combination. I can think of no company more complementary and better equipped to take Actel's solutions to new heights," said John C. East, Actel President and CEOChief Executive Officer. Microsemi expects significant synergies from this immediately accretive transaction. Based on current assumptions, Microsemi expects the acquisition to be USD 0.22 - 0.28 accretive in its first full calendar year ending December 2011. For the September quarter, net sales for Microsemi are expected to range from USD 146 - 150 million. As of this date, Microsemi remains comfortable with its previously announced non-GAAP diluted earnings per share guidance for its fourth Fiscal quarter 2010 of USD 0.33 - 0.35.