SUNNYVALE, USA: Applied Micro Circuits Corp. (AppliedMicro) has completed its acquisition of TPACK A/S of Copenhagen, Denmark.
AppliedMicro has paid $32 million in cash and will offer up to $5 million in cash earn-outs depending upon TPACK revenue and product development milestones scheduled over the next 18 months.
The transaction is expected to be profit neutral, excluding transaction costs, for the AppliedMicro fiscal year ending March 31, 2011. TPACK will continue to operate from its Copenhagen headquarters as a wholly-owned subsidiary of AppliedMicro.
The stock purchase agreement relating to the acquisition was originally announced on Aug. 18, 2010.