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Sirenza acquires wireless IC supplier

Posted: 18 Aug 2006 ?? ?Print Version ?Bookmark and Share

Keywords:SMDI? MLIN? Sirenza? Micro Linear? wireless?

Sirenza Microdevices Inc., designer and supplier of high-peRFormance RF components for communications equipment manufacturers, announced that it has signed a definitive agreement to acquire Micro Linear Corp., a fabless company specializing in wireless IC solutions.

Under the terms of the agreement, 0.365 of a Sirenza share will be issued for each Micro Linear share, subject to potential adjustment as described in more detail below. Based on Micro Linear's fully diluted shares outstanding and Sirenza's closing price on August 14, 2006, the transaction is currently valued at approximately $45.6 million.

The acquisition has been approved by the boards of directors of each company and is expected to close in Q4 of 2006, subject to the approval of Micro Linear shareholders and other customary closing conditions.

Micro Linear will join Sirenza's SMDI business segment, augmenting its existing product portfolio and expanding its expertise in integrated RF IC products for consumer applications. In connection with the proposed transaction, it is expected that Timothy Richardson, president and CEO of Micro Linear, will join Sirenza as chief strategy officer and will report to Robert Van Buskirk, president and CEO. Additionally, it is currently anticipated that John Zucker, current chairman of the Micro Linear Board of Directors, will join the Sirenza Board as an independent director at the close of the transaction.

"We believe the acquisition of Micro Linear is another significant step toward achieving our strategic goals of diversifying our end markets, expanding our product breadth and strengthening our world-class RF core competencies," said Buskirk.

"Sirenza and Micro Linear have complementary technologies and products and the combined company can leverage its extensive high-volume IC production capabilities for world-class transceiver/tuner products targeted at a wide variety of global wireless applications," said Richardson.

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