Microsemi Corp. (Irvine, CA), a manufacturer of discrete semiconductors and power management integrated circuits, andAdvanced Power Technology Inc. (APT, Bend, OR), a supplier of power semiconductors, announced the signing of a definitive agreement for Microsemi to acquire APT. With this acquisition, Microsemi expands its portfolio of analog mixed-signal offerings in the radio-frequency marketplace and also its offering in the defense/aerospace and medical marketplace. Under the terms of the agreement, each APT shareholder will receive $2.00 per share in cash and 0.435 shares of Microsemi common stock for each share of APT common stock. Based on closing prices as of November 2, 2005, the total consideration values APT at $12.20 per share, a 29 percent premium to APT's closing stock price.
"APT is a recognized leader in its RF product offering for high-frequency products for the analog market, as well as being a technology leader with its high-power switching products," said Microsemi President and CEO James Peterson. "Following several years of consolidation efforts, Microsemi is excited to move forward in this next stage of our life cycle. APT is the first step toward a focus on growing organically and through acquisition. We believe that there are significant efficiency gains to be realized on the operational level as well as the business opportunity level."
"We are very pleased to join Microsemi's team," said APT Chairman and CEO Patrick Sireta. "This business combination will result in a very powerful value proposition to customers, investors, and employees."
