Microsemi acquires Vitesse Semiconductor
Microsemi has has agreed to acquire Vitesse for $5.28 per share through a cash tender offer, representing a premium of 32% based on the average closing price of Vitesse’s shares of common stock during the 30 trading days ended March 17, 2015, and valuing Vitesse at approximately $389 million.
Vitesse designs a diverse portfolio of high-performance semiconductors, application software, and integrated turnkey systems solutions for carrier, enterprise and Internet of Things (IoT) networks worldwide. Vitesse’s products enable the fastest-growing network infrastructure markets including mobile access/IP edge, enterprise cloud access, and industrial-IoT networking. In particular, engineers in the industrial sector may know Vitesse for its hardware implementaiton of the IEEE 1588 time-stamped Ethernet standard.
Microsemi’s chairman and CEO commented, “Vitesse’s highly complementary technology suite will expand our product offering and accelerate growth with differentiated technology in emerging markets, while benefitting from the increased scale, consolidated infrastructure and cost savings of the combined entity.”