ALISO VIEJO, Calif. and
CHELMSFORD, Mass., April 28, 2016 /PRNewswire/ -- Microsemi
Corporation (Nasdaq: MSCC) ("Microsemi") and Mercury Systems, Inc.
(Nasdaq: MRCY) ("Mercury") today provided an update on the closing
of the previously announced sale by Microsemi of its embedded
security, RF and microwave, and custom microelectronics businesses
to Mercury, for $300 million in cash
(subject to a customary purchase price adjustment). The parties
confirmed that the marketing period for Mercury's debt financing
has concluded, all third party closing conditions have been
satisfied and the parties expect to close the transaction on
May 2, 2016, subject to certain
customary closing deliverables.
About Microsemi
Microsemi Corporation (Nasdaq: MSCC)
offers a comprehensive portfolio of semiconductor and system
solutions for communications, defense & security, aerospace 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.
Mercury Systems – Innovation That
Matters™
Mercury Systems (NASDAQ:MRCY) is a leading commercial provider of
secure processing subsystems designed and made in the USA. Optimized for customer and mission
success, Mercury's solutions power a wide variety of critical
defense and intelligence programs. Headquartered in Chelmsford, Mass., Mercury is pioneering a
next-generation defense electronics business model specifically
designed to meet the industry's current and emerging technology
needs. To learn more, visit www.mrcy.com.
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, including those relating to the transaction described
herein. 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, the expected date of
closing of the transaction and any other statements of belief or
about Microsemi's or Mercury'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 occurrence
of any event, change or other circumstances that could give rise to
the termination of the definitive agreement; the risk that the
transaction will not close within the anticipated time period; 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 and Mercury's respective
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, Mercury's Annual
Report on Form 10-K for the fiscal year ended June 30, 2015, and all subsequent Form 10-Q
reports filed by Microsemi or Mercury with the U.S. Securities and
Exchange Commission. Microsemi and Mercury caution readers not to
place undue reliance upon any such forward-looking statements,
which speak only as of the date made. Neither Microsemi nor Mercury
undertakes any obligation to update any forward-looking statement
to reflect events or circumstances after the date on which such
statement is made.
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SOURCE Microsemi Corporation