MANHASSET, N.Y. RF component supplier Sirenza Microdevices Inc. has signed a definitive agreement to acquire fabless semiconductor company MicroLinear Corp., in a stock swap.
Under the agreement, Sirenza (Broomfield, Colo.) will issue 0.365 of a share for each share of MicroLinear (San Jose, Calif.). Based on MicroLinear's diluted shares outstanding and Sirenza's closing price on Aug. 14, the transaction is valued at $45.6 million.
MicroLinear will join Sirenza's SMDI business segment, augmenting its existing product portfolio and expanding its expertise in integrated RF IC products for consumer applications. Tim Richardson, president and CEO or MicroLinear, will join Sirenza as chief strategy officer and report of Robert Van Burskirk president and CEO. John Zucker, chairman of MicroLinear, is expected to join the Sirenza board as an independent director.
"Sirenza and Micro Linear have complementary technologies and products and the combined company can leverage its extensive high-volume IC production capabilities for world-class transceiver/tuner products targeted at a wide variety of global wireless applications," said Richardson in a statement. "This transaction offers the potential to realize substantial synergies and should result in a stronger, more competitive company that is well positioned to continue to build shareholder value."