Microsemi Corporation Closes Acquisition of Advanced Power Technology

Microsemi Corporation has announced that it has finalized its acquisition of Advanced Power Technology in a combined stock and cash transaction. With this acquisition, Microsemi provides customers with a broader range of high-performance analog, high reliability and RF products.

APT is a leading designer, manufacturer and marketer of high-performance RF and switching power semiconductors. Its focus is primarily on the high-power, high-speed segment of the power semiconductor market. These products permit the design of more compact end products and improve system features and functionality. APT's products are found in diverse applications, such as implantable defibrillators, MRI systems, commercial and defense avionics, ground based radar, air traffic control radar systems, airborne radar, wireless base stations, flat panel production equipment, semiconductor capital equipment, and solar power inverters.

The strategic transaction creates a more diverse and stronger Microsemi that has expanded offerings in high performance analog mixed signal and high reliability products. The combined company will be able to expand its new product offerings to the medical space dramatically in a relatively short period of time. It also will be able to offer its defense and avionics customers a much larger breadth of high reliability product to address these critical applications. Microsemi sees enormous potential in APT silicon carbide technology for its defense customer base along with commercial applications.

"APT is a recognized leader in its RF product offering for high frequency products for the analog market as well as being a technology leader with its high power switching products," said James J. Peterson, Microsemi's President and CEO. "Following several years of consolidation efforts, Microsemi is excited to move forward in this next stage of our life cycle. APT is the first step toward a focus on growing organically and through acquisition. We believe that there are significant efficiency gains to be realized on the operational level as well as the business opportunity level."

Microsemi will issue .435 shares of its common stock and pay $2.00 per share in cash for each outstanding share of APT common stock as of the close of business today, resulting in the issuance of approximately 4.9 million shares and a payment of approximately $22.5 million.

http://www.microsemi.com

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