Thursday, April 30, 2009

Microsemi Acquires Defense & Security Business from Endwave Corporation

IRVINE, Calif.--(BUSINESS WIRE)--Microsemi Corporation (Nasdaq:MSCC), a leading manufacturer of high performance analog mixed signal integrated circuits and high reliability semiconductors, and Endwave Corporation (Nasdaq:ENWV), a leading provider of high-frequency RF solutions for mobile communications markets, today announced that Microsemi has acquired Endwave’s defense electronics and security (D&S) business.

Microsemi intends to combine Endwave’s high-frequency product portfolio with its own, creating one of the leading high-reliability RF product offerings in the market today and covering the technology spectrum up to 100 GHz. In recent years, Endwave’s D&S group has developed many innovative, state of the art products and has won several contracts to supply these products on major systems projects with many current Microsemi customers such as Boeing, Cobham, L3, Lockheed Martin, Northrop Grumman, and Raytheon. This acquisition will expand opportunities for Microsemi in next-generation, high-growth defense electronics applications such as theater-wide video and voice communications, advanced radar systems, remote sensing and broadband transmission systems. In Homeland Security applications, the D&S group provides technologies for radar fencing, stand-off threat detection systems and advanced personnel screening portals. Microsemi intends to expand the D&S business into new, related markets such as satellite and space, in which the D&S technology is a natural extension of Microsemi’s ongoing thrust into the marketplace.

Under the terms of the agreement, Microsemi is acquiring the D&S assets for a total equity value of $28 million in cash plus the assumption of specified liabilities. Microsemi expects the acquisition to be accretive immediately.