[Microchip announced that it completed its acquisition of Microsemi at US$68.78 per common share] Microchip Technology Inc. announced on May 29, 2018 local time that it has completed its business with Microsemi Corporation. Acquisition. Microsemi's shareholders passed the acquisition with overwhelming 99.5% of the votes. According to the terms of the merger agreement, Microchip will pay Microsemi shareholders at a cash of US$68.78 per ordinary share. As a result of the acquisition, Microsemi’s common stock trading on the Nasdaq Stock Market was suspended from today.
Mr. Microchip CEOSveveSanghi said: “We are very pleased to complete the acquisition of Microsemi. I sincerely welcome Microsemi's employees to join the Microchip family and look forward to working together as a whole to pursue the same strategic goals and achieve a win-win situation. The acquisition has greatly enriched our products and has a significant positive impact on the diversification of the final market, operational capabilities and customer size."
The transaction is expected to immediately increase Microchip's non-GAAP earnings per share. Based on the existing information, it is expected that the synergies generated in the third year after the acquisition will save Microchip's cost of US$300 million. The expenses of this acquisition mainly come from cash in the consolidated company's balance sheet, existing credit lines of Microchip, 3 billion U.S. dollars of new term loans and 2 billion U.S. dollars of newly issued high-grade guaranteed bonds. Microsemi’s previously outstanding debt was settled at the completion of the transaction.
It is understood that this transaction will greatly expand Microchip's market share in multiple terminal markets, including communications, aerospace and defense markets. These market areas account for about 60% of Microsemi's sales. Microchip said that the acquisition will increase the market size of its services from US$18 billion to more than US$50 billion. The acquisition will further promote the unprecedented large-scale mergers and acquisitions in the semiconductor field.
Microchip Technology Inc. is the world's leading supplier of integrated microcontrollers, mixed-signal, analog devices and flash memory solutions, providing low-risk product development, lower total system cost and faster for thousands of consumer products worldwide Time to market. Headquartered in Chandler, Arizona, Microchip offers excellent technical support, reliable products and superior quality.
Microsemi Corporation provides comprehensive semiconductor products and system solutions for aerospace and defense, communications, data centers, and industrial applications. Products include high-performance radiation tolerant analog mixed-signal integrated circuits, FPGAs, SoCs, and ASICs, power management products, time-of-day/synchronization devices and precision-time solutions set to global time standards, voice processing devices, RF solutions, discrete components, enterprise storage Communications solutions, security technologies and scalable anti-tamper products, Ethernet solutions, Power over Ethernet ICs and midspan solutions, and other custom design capabilities and services. Microsemi is headquartered in Aliso Viejo, California, and employs approximately 4,800 people worldwide.
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