LONDON Shareholders of PowerDsine Ltd. have approved the acquisition of the specialist developer and maker of chips and modules for Power over Ethernet applications by Microsemi Corporation for $245 million.
The deal was announced in October and on Friday (Dec. 29) the shareholders of the Israeli company sanctioned the plan put forward by Microsemi and Pinnacle Acquisition Corporation Ltd. PowerDsine (Hod Hasharon , Israel) now becomes a fully owned subsidiary of Microsemi (Irvine, Calif.).
Microsemi said it would continue to support PowerDsine's product roadmaps. PowerDsine employs approximately 136 employees worldwide, which includes 94 engineers, and has facilities in Hod Hasharon, Israel; San Jose, California; and Melville, New York; and regional sales offices in China, India, Japan, Taiwan and the United Kingdom.
The closing of the transactions and the merger are still subject to several conditions, including the approval of the merger by the Tel- Aviv District Court.
The deal ends an acquisitive year for Microsemi, who bought RF and switching power semiconductor maker Advanced Power Technology Inc. in April.