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Sirenza Announces Agreement to Acquire Premier Devices
Sirenza Microdevices Inc. announced a definitive agreement to acquire Premier Devices Inc. (PDI) for a combination of common stock, cash and debt valued at approximately $72.1 M. PDI designs, manufactures and markets complementary RF components featuring technologies common to existing and planned Sirenza products. With this acquisition, Sirenza, a designer and manufacturer of RF component solutions for global, diversified end markets, will expand both the depth and breadth of its products, extend its design and manufacturing capabilities into Asia and Europe, and continue its strategic mission to diversify and expand its end markets and applications.
The transaction has been approved by each company’s board of directors and the shareholders of PDI and is expected to close early in the second quarter of 2006, subject to customary closing conditions.
“We believe this business combination will provide significant benefits to the customers and shareholders of both companies by leveraging our respective technologies, RF design expertise, products and international manufacturing capabilities into a forceful presence in our diversified, global end markets,” said Robert Van Buskirk, president and chief executive officer of Sirenza. “PDI’s strong position in the broadband CATV infrastructure amplifier market and its broad portfolio of passive and active RF components will complement Sirenza’s product offerings and enhance our ability to provide high performance, price competitive RF solutions to our customers. In addition, there are potential compelling synergies between our sales channels and global end-customer bases. We look forward to completing the acquisition and integrating PDI’s capabilities with our own to enhance Sirenza’s competitive strength and to build a larger, profitable company.”
“We are very excited about the proposed business combination with Sirenza and for the growth potential a stronger Sirenza represents for our customers and employees,” said Phillip Liao, founder and president of Premier Devices. “I am personally very enthused about leading PDI as a Sirenza company in 2006 and beyond and about joining the Sirenza Board of Directors when the acquisition is completed.” Upon the closing of this transaction, Liao will become president of Premier Devices, a Sirenza company, and join the Sirenza Board of Directors.