SANTA ANA, Calif., February 12, 1999 -- Microsemi Corp. of Santa Ana has signed a definitive agreement to acquire Linfinity Microelectronics Inc., a subsidiary of Symmetricom Corporation.
Linfinity Microelectronics manufactures standard linear and mixed signal integrated circuits (ICs), as well as systems-engineered modules for use primarily in power management and communications applications. In the most recent 12-month period, Linfinity had sales of approximately $45 million.
Under the agreement, Microsemi will purchase the outstanding equity in Linfinity Microelectronics for cash in the amount of $24.125 million. As a result of the agreement, Microsemi will acquire the sales, engineering and manufacturing operations of Linfinity Microelectronics, along with the Linfinity manufacturing facilities in Garden Grove, Calif. The transaction is expected to close in late March 1999, and is subject to antitrust approvals and other customary closing conditions.
Commenting on the announcement, Philip Frey Jr., chairman and chief executive officer of Microsemi Corp., said: "With the acquisition of Linfinity, we will manufacture and offer integrated circuits and existing product lines of discrete devices, to our specialty defense, commercial space, telecommunications and medical customers, as well as to Linfinity's computer and peripheral customers.''
About Microsemi
Microsemi is a global supplier of high-reliability power semiconductors, surface mount and custom diode assemblies for the electronics, computer, telecommunications, space, defense and medical markets.