Irvine, CA-based analog and mixed-signal IC developer Microsemi is to acquire power semiconductor maker Advanced Power Technology in a cash and stock deal.
The boards of directors of both companies have approved the agreement, which is still subject to customary regulatory approvals and an APT shareholder vote.
Under the terms of the agreement, each APT shareholder will receive $2.00 per share in cash and 0.435 shares of Microsemi common stock for each share of APT common stock. Based on closing prices as of
After the transaction, Microsemi will have approximately 71 million fully diluted shares outstanding, with current Microsemi shareholders owning approximately 93% and current APT shareholders owning approximately 7% of the combined company's shares.
The deal is expected to close at the beginning of the second quarter of Microsemi's fiscal 2006.
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