ALISO VIEJO, Calif.,
May 2, 2016 /PRNewswire/
-- Microsemi Corporation (Nasdaq: MSCC), a leading provider of
semiconductor solutions differentiated by power, security,
reliability and performance, today announced it has completed the
sale of a non-strategic component of a board level systems and
packaging business to Mercury Systems, Inc. (Nasdaq: MRCY), for
$300 million in cash (subject to a
customary purchase price adjustment). The cash generated from the
sale of the company will be used to pay down outstanding debt and
allow the company to reduce its leverage ratio ahead of original
plan.
About Microsemi
Microsemi Corporation (Nasdaq: MSCC)
offers a comprehensive portfolio of semiconductor and system
solutions for aerospace & defense, communications, data center
and industrial markets. Products include high-performance and
radiation-hardened analog mixed-signal integrated circuits, FPGAs,
SoCs and ASICs; power management products; timing and
synchronization devices and precise time solutions, setting the
world's standard for time; voice processing devices; RF solutions;
discrete components; enterprise storage and communication
solutions, security technologies and scalable anti-tamper products;
Ethernet solutions; Power-over-Ethernet ICs and midspans; as well
as custom design capabilities and services. Microsemi is
headquartered in Aliso Viejo,
Calif., and has approximately 4,800 employees globally.
Learn more at www.microsemi.com.
Microsemi and the Microsemi logo are registered trademarks or
service marks of Microsemi Corporation and/or its affiliates.
Third-party trademarks and service marks mentioned herein are the
property of their respective owners.
Forward-Looking Safe Harbor Statement
This press
release contains certain forward-looking statements, as that term
is defined in the Private Securities Litigation Reform Act of 1995.
You can identify these statements by the use of the words "may,"
"will," "could," "should," "would," "plans," "expects,"
"anticipates," "continue," "estimate," "project," "intend,"
"likely," "forecast," "probable," "potential," and similar
expressions. The forward-looking statements in this release address
a variety of subjects including, for example, Microsemi's plans,
beliefs or expectations. The following factors, among others, could
cause actual results to differ materially from those described in
these forward-looking statements: costs associated with the
transaction; the effects of local and national economic, credit and
capital market conditions on the economy in general; and other
risks and uncertainties discussed in Microsemi's filings with the
U.S. Securities and Exchange Commission, including Microsemi's
Annual Report on Form 10-K for the year ended September 27, 2015 and all subsequent Quarterly
Reports on Form 10-Q . Microsemi cautions readers not to place
undue reliance upon any such forward-looking statements, which
speak only as of the date made. Microsemi does not undertake any
obligation to update any forward-looking statement to reflect
events or circumstances after the date on which such statement is
made.
Logo -
http://photos.prnewswire.com/prnh/20110909/MM66070LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/microsemi-announces-completion-of-sale-of-non-strategic-component-of-board-level-systems-and-packaging-business-for-300-million-to-mercury-systems-inc-300260737.html
SOURCE Microsemi Corporation