ALISO VIEJO, Calif. and CHELMSFORD, Mass., April 28, 2016 -- Microsemi Corporation (Nasdaq: MSCC) ("Microsemi") and Mercury Systems, Inc. (Nasdaq: MRCY) ("Mercury") today provided an update on the closing of the previously announced sale by Microsemi of its embedded security, RF and microwave, and custom microelectronics businesses to Mercury, for $300 million in cash (subject to a customary purchase price adjustment). The parties confirmed that the marketing period for Mercury's debt financing has concluded, all third party closing conditions have been satisfied and the parties expect to close the transaction on May 2, 2016, subject to certain customary closing deliverables.
Microsemi Corporation (Nasdaq: MSCC) offers a comprehensive portfolio of semiconductor and system solutions for communications, defense & security, aerospace and industrial markets. Products include high-performance and radiation-hardened analog mixed-signal integrated circuits, FPGAs, SoCs and ASICs; power management products; timing and synchronization devices and precise time solutions, setting the world's standard for time; voice processing devices; RF solutions; discrete components; enterprise storage and communication solutions, security technologies and scalable anti-tamper products; Ethernet solutions; Power-over-Ethernet ICs and midspans; as well as custom design capabilities and services. Microsemi is headquartered in Aliso Viejo, Calif., and has approximately 4,800 employees globally. Learn more at www.microsemi.com.
Mercury Systems – Innovation That Matters™
Mercury Systems (NASDAQ:MRCY) is a leading commercial provider of secure processing subsystems designed and made in the USA. Optimized for customer and mission success, Mercury's solutions power a wide variety of critical defense and intelligence programs. Headquartered in Chelmsford, Mass., Mercury is pioneering a next-generation defense electronics business model specifically designed to meet the industry's current and emerging technology needs. To learn more, visit www.mrcy.com.