Analog Devices to Acquire Hittite Microwave Corporation
- ADI expands RF portfolio with acquisition of microwave and millimeter wave leader
- ADI reaffirms third quarter financial guidance
This agreement reflects a total enterprise value for Hittite of
approximately
The transaction is expected to be accretive to ADI's non-GAAP earnings per share.
"Hittite's strength in RF, microwave, and millimeter wave technology
complements ADI's RF and signal conversion expertise," said
"We welcome the very talented Hittite team, as we together leverage our
strong product portfolios and customer relationships to create greater
value for all our stakeholders," said
ADI also reaffirmed financial guidance for its third quarter of fiscal
year 2014, for revenue to increase in the range of 1% to 5%, and
excluding any one-time items, for diluted earnings per share to be in
the range of
Credit Suisse acted as exclusive financial advisor to
Conference Call Information
ADI and Hittite will host a joint conference call on
Investors may join via webcast, accessible at investor.analog.com, or by telephone (call 800-859-9560 ten minutes before the call begins and provide the password "ADI").
A replay of the call will be made available and may be accessed for up to two weeks by dialing 855-859-2056 (replay only) and providing the conference ID: 58177775, or by visiting investor.analog.com.
Important Additional Information Will Be Filed with the
This press release is neither an offer to purchase nor a solicitation of
an offer to sell shares of Hittite. At the time the tender offer is
commenced, ADI will file with the
Forward-Looking Statements
This press release contains forward-looking statements, which address
a variety of subjects including, for example, the expected timetable for
closing of the transaction between ADI and Hittite, the expected
benefits and synergies of the transaction, including the effect of the
transaction on ADI's non-GAAP earnings, ADI's expected product
development and technical advances resulting from the transaction, the
availability of debt financing for the transaction and ADI's guidance
for the remainder of its fiscal year 2014. Statements that are not
historical facts, including statements about our beliefs and
expectations, are forward-looking statements. Such statements are based
on our current expectations and are subject to a number of factors and
uncertainties, which could cause actual results to differ materially
from those described in the forward-looking statements. The following
important factors and uncertainties, among others, could cause actual
results to differ materially from those described in these
forward-looking statements: the closing of the transaction is subject to
the tender of shares by Hittite stockholders representing at least a
majority of the outstanding fully-diluted shares; the receipt of
regulatory approvals, and other closing conditions, the non-satisfaction
of which may delay or prevent the closing of the transaction; higher
than expected or unexpected costs associated with or relating to the
transaction; the expected benefits, synergies and growth prospects of
the transaction may not be achieved in a timely manner, or at all;
Hittite's business may not be successfully integrated with ADI's
following the closing; and disruption from the transaction may adversely
affect Hittite's relationships with its customers, suppliers or
employees. For additional information about factors that could cause
actual results to differ materially from those described in the
forward-looking statements, please refer to both ADI's and Hittite's
filings with the
About
Innovation, performance, and excellence are the cultural pillars on
which
About Hittite
Mr.
781-461-3491 (fax)
investor.relations@analog.com
or
Mr.
bob.olson@analog.com
or
Hittite
PR Contact:
Mr.
bill.boecke@hittite.com
Source:
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