Sunnyvale, California-based California Microwave Inc says it has completed the acquisition of Microwave Radio Corp, a privately held, Boston-area manufacturer of digital and analogue fixed-link and portable microwave radios, for $33m in cash, which came from its credit line with Bank of America and Union Bank. Additional payments of up to $11m, in cash or California Microwave stock, will be made contingent on Microwave Radio’s earnings exceeding pre-set targets over the next 27 months. The acquired company has annualised sales in the $30m to $35m range, and has been profitable since its inception in 1986, supplying microwave radios to the US television broadcast and private network interactive television markets, and to mobile communications companies, cable television systems, government agencies and private networks, the company said.
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