Microsemi, a manufacturer of analog mixed-signal integrated circuits, has entered into a definitive agreement to acquire integrated circuit manufacturer Actel for $20.88 per share through a cash tender offer.
The total transaction value is approximately $430m, net of Actel’s projected cash balance at closing.
Headquartered in Mountain View, California, Actel is a supplier of low-power, mixed-signal, and radiation-tolerant field programmable gate arrays ("FPGAs") serving the mil/aero, industrial, communication, and consumer markets.
Microsemi president and chief executive officer James Peterson said, Actel will bring the most widely-used mixed-signal, radiation tolerant FPGA products in the aerospace & defense markets today, and the company’s products will allow Microsemi to extend its growing system-level capabilities.
Microsemi expects significant synergies from this immediately accretive transaction.
Based on current assumptions, Microsemi expects the acquisition to be $0.22 to $0.28 accretive in its first full calendar year ending December 2011.
