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Microsemi to buy timing specialist Symmetricom

Posted: 25 Oct 2013 ?? ?Print Version ?Bookmark and Share

Keywords:timing solutions? frequency technologies?

Microsemi Corporation has announced its intent to buy Symmetricom, a company that specialises in precision time and frequency technologies, for approximately $230 million or $7.18 per share through a cash tender offer.

The acquisition is in line with Microsemi's goal of expanding timing opportunities in aerospace, defence and industrial sectors and bolstering the company's position in high-value communications timing markets.

"I believe Microsemi is the ideal company to leverage Symmetricom's technology and capabilities further into the communications market along with the scale to accelerate the adoption of the company's innovative new chip scale atomic clock (CSAC) technology into broader markets," said Symmetricom CEO Elizabeth Fetter.

Under the terms of the merger agreement, Symmetricom has until November 8 to consider offers from other potential buyers. Microsemi expects significant synergies from this immediately accretive transaction.

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