APT Completes Acquisition of GHz Technology
Advanced Power Technology Inc. (Bend, OR) announced that it has completed the acquisition of the business and assets of GHz Technology Inc. (Santa Clara, CA), which include approximately $7.9 million of net cash, for approximately $13.5 million and 1.5 million shares of APT common stock. In addition, APT will issue options to purchase approximately 0.7 million shares of APT in exchange for outstanding GHz stock options and for the retention of key GHz employees.
The acquisition adds valuable RF technology to APT’s core capability in RF power transistors allowing APT to better serve its current markets and extending the range of APT products into fast-growing higher-frequency markets. In addition, GHz will add substantial RF engineering, manufacturing, and marketing resources and talents to APT’s existing capabilities. GHz will become the RF product group for APT with the power product group remaining at APT. The operations of the APT RF product group will be managed by GHz President and CEO Frank Schneider, who will report to APT President and CEO Patrick Sireta.
Sireta said, “This acquisition is in line with our strategic focus on high power and high frequency, including RF and power semiconductors. The combination of GHz Technology and APT creates a leading supplier with broad RF silicon capability to serve diverse markets. We are excited about this strategic combination and look forward to capitalizing on the significant opportunities that it will present. We expect that this acquisition will be accretive to APT’s revenue per share and cash earnings per share in 2002, and will provide APT with substantial opportunities for enhanced profitable growth in the years ahead.”