Analog Devices announced it has completed its acquisition of Hittite Microwave Corporation in an all-cash transaction at a purchase price of $78 per share, reflecting a total enterprise value of approximately $2 billion.
“ADI’s portfolio now spans the entire frequency spectrum of RF, microwave, and millimeter wave,” said Vincent Roche, ADI President and CEO. “Complemented by our world class signal processing franchise, we believe our customers will benefit from more complete solutions across a breadth of applications, including industrial instrumentation, aerospace and defense electronics, communications infrastructure, and automotive safety.”
“We are very excited to have the Hittite team join ADI and together, we believe we can create greater value for our customers and our shareholders,” said Mr. Roche.
ADI also announced its new RF and Microwave Group (RFMG) will be led by Rick D. Hess, former President and CEO of Hittite Microwave. RFMG combines product and technology development teams from ADI’s RF and microwave group and Hittite Microwave.
As a result of the acquisition, Hittite Microwave’s shares of common stock have been delisted from the NASDAQ Global Select Market effective as of the close of trading the day of the annoucement.
ADI’s management will discuss its third quarter fiscal year 2014 financial results and business outlook for the combined company during its third quarter earnings conference call scheduled for Tuesday, August 26, 2014.
