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Vari-L to sell assets to Sirenza

Posted: 04 Dec 2002 ?? ?Print Version ?Bookmark and Share

Keywords:wireless telecommunications? wireline market? wireless technology?

Vari-L Co. Inc., a provider of components for the wireless telecommunications industry, has announced a definitive agreement to sell substantially all of its assets to Sirenza Microdevices Inc. for about $13.6 million in common stock and cash and forgiveness of $1.4 million in secured bridge loans. The transaction has been approved by the boards of both companies and is expected to close in Q1of 2003.

"We are pleased with the terms of the proposed transaction and believe the business combination with Sirenza to be in the best interests of Vari-L's shareholders and customers," said Chuck Bland, president and CEO of Vari-L. "Vari-L and Sirenza have complementary technologies and product lines and serve many common customers in the wireless and wireline markets. The synergies created by this transaction are substantial and should result in a much stronger, more competitive company that is well positioned to build shareholder value."

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