Microsemi Announces Completion of Sale of Non-Strategic Component of Board Level Systems and Packaging Business for $300 Million to Mercury Systems, Inc.

ALISO VIEJO, Calif., May 2, 2016 — (PRNewswire) —  Microsemi Corporation (Nasdaq: MSCC), a leading provider of semiconductor solutions differentiated by power, security, reliability and performance, today announced it has completed the sale of a non-strategic component of a board level systems and packaging business to Mercury Systems, Inc. (Nasdaq: MRCY), for $300 million in cash (subject to a customary purchase price adjustment). The cash generated from the sale of the company will be used to pay down outstanding debt and allow the company to reduce its leverage ratio ahead of original plan.

Microsemi Corporation

About Microsemi
Microsemi Corporation (Nasdaq: MSCC) offers a comprehensive portfolio of semiconductor and system solutions for aerospace & defense, communications, data center and industrial markets. Products include high-performance and radiation-hardened analog mixed-signal integrated circuits, FPGAs, SoCs and ASICs; power management products; timing and synchronization devices and precise time solutions, setting the world's standard for time; voice processing devices; RF solutions; discrete components; enterprise storage and communication solutions, security technologies and scalable anti-tamper products; Ethernet solutions; Power-over-Ethernet ICs and midspans; as well as custom design capabilities and services. Microsemi is headquartered in Aliso Viejo, Calif., and has approximately 4,800 employees globally. Learn more at www.microsemi.com.

Microsemi and the Microsemi logo are registered trademarks or service marks of Microsemi Corporation and/or its affiliates. Third-party trademarks and service marks mentioned herein are the property of their respective owners.

Forward-Looking Safe Harbor Statement
This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "could," "should," "would," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," "likely," "forecast," "probable," "potential," and similar expressions. The forward-looking statements in this release address a variety of subjects including, for example, Microsemi's plans, beliefs or expectations. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: costs associated with the transaction; the effects of local and national economic, credit and capital market conditions on the economy in general; and other risks and uncertainties discussed in Microsemi's filings with the U.S. Securities and Exchange Commission, including Microsemi's Annual Report on Form 10-K for the year ended September 27, 2015 and all subsequent Quarterly Reports on Form 10-Q . Microsemi cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Microsemi does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

Logo - http://photos.prnewswire.com/prnh/20110909/MM66070LOGO 

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/microsemi-announces-completion-of-sale-of-non-strategic-component-of-board-level-systems-and-packaging-business-for-300-million-to-mercury-systems-inc-300260737.html

SOURCE Microsemi Corporation

Contact:
Microsemi Corporation
Mercury Systems, Inc.
MICROSEMI FINANCIAL CONTACT: John W. Hohener, Executive Vice President and CFO, Phone: (949) 380-6100, MICROSEMI INVESTOR CONTACT: Robert C. Adams, Vice President of Corporate Development, Phone: (949) 380-6100
Web: http://www.microsemi.com



Featured Video
Jobs
Advanced Mechanical Engineer for General Dynamics Mission Systems at Canonsburg, Pennsylvania
Upcoming Events
Xponential 2024 at San Diego Convention Center San Diego CA - Apr 22 - 25, 2024
Esri Energy Resources GIS Conference at George R. Brown Convention Center Houston TX - Apr 24 - 25, 2024
GEOINT 2024 Symposium at Gaylord Palms Resort and Conference Center Kissimmee FL - May 5 - 8, 2024
GeoSpatial World Forum 2024 at Postillion Hotel & Convention Centre WTC Rotterdam Netherlands - May 13 - 16, 2024
GENEQ



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise