Sirenza Microdevices Inc. (Sunnyvale, CA), a designer and supplier of radio frequency (RF) components for communications equipment manufacturers, announced the completion of its acquisition of all the assets and assumption of specified liabilities of Vari-L Company Inc. (Denver, CA). The close of the transaction followed Vari-L shareholder approval at a special meeting of the company's shareholders on May 5, 2003, and the satisfaction of other customary closing conditions.
The net consideration to be paid to Vari-L by Sirenza will consist of approximately 3.4 million newly issued shares of Sirenza common stock, valued under the asset purchase agreement at approximately $4.85 million, and approximately $9.3 million in cash and debt forgiveness. As part of its integration plans, Sirenza intends to consolidate the two companies' operations at a new site near Denver, CO. Charles Bland, former president and chief executive officer of Vari-L, will join Sirenza as chief operating officer, effective May 6, 2003.
