Microsemi Corporation and Mercury Systems, Inc. Announce Scheduled Closing for Microsemi’s Sale of its Embedded Security, R...
April 28 2016 - 7:00AM
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 MicrosemiMicrosemi
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.
Mercury Systems and Innovation That Matters are
trademarks of Mercury Systems, Inc. Other product and company names
mentioned may be trademarks and/or registered trademarks of their
respective holders.
Forward-Looking Safe Harbor
StatementThis 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.
MICROSEMI FINANCIAL CONTACT: John W. Hohener
Executive Vice President and CFO
Phone: 949-380-6100
MICROSEMI INVESTOR CONTACT: Robert C. Adams
Vice President of Corporate Development
Phone: 949-380-6100
MERCURY FINANCIAL/IR CONTACT: Gerry Haines
Executive Vice President and CFO
Phone: 978-967-1990
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