Combination will expand M/A-COM Tech's portfolio of high performance semiconductor solutions, accelerating growth
LOWELL, MA (USA) - May 6, 2010 - M/A-COM Technology Solutions Inc. (M/A-COM Tech), a leading supplier of semiconductors, components, and subassemblies for use in RF, microwave and millimeter-wave applications, and Mimix Broadband, Inc. (Mimix) jointly announced today that their respective corporate parents have signed a definitive merger agreement that will add Mimix and its subsidiaries to the M/A-COM Tech family of companies.
Mimix is a leading fabless supplier of high performance gallium arsenide (GaAs) semiconductors from DC to 50 GHz for RF, microwave and millimeter-wave applications. Pursuant to the merger agreement, Mimix Holdings, Inc. and its subsidiaries will join M/A-COM Tech as subsidiaries of M/A-COM Technology Solutions Holdings, Inc. The transaction is subject to customary closing conditions and is currently expected to close in late May 2010. Financial terms were not disclosed.
Anticipated benefits of the combination include:
* Adding breadth to M/A-COM Tech's portfolio of high performance semiconductors, as well as significant opportunities for margin expansion and cross-selling;
* Increasing penetration of high-growth, profitable markets, including point-to-point radio and MoCA applications;
* Strengthening M/A-COM Tech's block diagram solution selling approach;
* Deepening of both companies' relationships with key global customers;
* Applying M/A-COM Tech's quality excellence and operational efficiencies to the Mimix supply chain; and
* Augmenting M/A-COM Tech's hybrid fab business model.
"This strategic merger with Mimix enables us to expand our product offering of high performance, multi-function MMIC solutions, which Mimix has deep expertise in developing," stated Joe Thomas, CEO, M/A-COM Tech. "Combining this innovative technology with our quality excellence and operational efficiencies solidifies our leadership position as a multi-market supplier and enables more rapid growth and margin expansion."
Rick Montgomery, CEO, Mimix Broadband, stated, "We consider this merger as extremely favorable for both organizations, because it creates a robust combined company that leverages our unique areas of expertise. Little overlap exists between the two product offerings, and there is significant synergy to be realized through our customer relationships, which will accelerate growth and market penetration."
"I believe the merger of these two world-class companies creates a superior business model that positions the combined M/A-COM Tech for profitable growth and market leadership," stated John Ocampo, founder of GaAs Labs, LLC and Chairman of M/A-COM Tech.
