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AMCC to enter SANs market through JNI acquisition

Posted: 02 Sep 2003 ?? ?Print Version ?Bookmark and Share

Keywords:applied micro circuits? jni? amcc? silicon ic? wide area networks?

Applied Micro Circuits Corp. (AMCC), a manufacturer of silicon ICs used in wide area networks, has signed a definitive agreement to acquire JNI Corp., a provider of fiber channel hardware and software products that form critical elements of storage area networks (SANs).

Under the terms of the agreement, AMCC will pay $7 per share in cash for each outstanding share of JNI common stock, a total of about $190 million, and will assume all outstanding JNI employee stock options. JNI's assets included around $90 million of cash and investments. The acquisition is expected to close in Q4 of this calendar year.

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