Microsemi signs definitive agreement to acquire AML Communications

IRVINE, USA: Microsemi Corp., a leading provider of semiconductor technology aimed at building a smart, secure, connected world, has signed a definitive agreement to acquire AML Communications Inc. for $2.50 per share in an all-cash transaction.

The total transaction value would be approximately $28 million, net of AML Communications' projected cash balance at closing. The transaction is subject to customary closing conditions, including the approval of AML Communications' shareholders, and is expected to close around the end of June, 2011.

AML Communications had previously entered into a definitive merger agreement with Anaren Inc. on February 14, 2011 whereby Anaren would acquire AML for $2.15 per share in an all-cash transaction. On April 5, 2011, AML Communications' Board of Directors determined that Microsemi's proposal to acquire AML represented a superior offer to its shareholders.

Headquartered in Camarillo, CA, AML Communications is a leading provider of microwave amplifiers and subsystems for defense electronics applications. The Company has a broad product portfolio and is a key supplier to major defense programs with Raytheon, Lockheed Martin, Northrop Grumman, L-3 Communications, BAE, and others.

James J. Peterson, Microsemi president and CEO, stated: "We are pleased to move forward. The acquisition of AML Communications will add scale and complementary technology to Microsemi's fast-growing RF component and subsystems product offering, enabling us to deliver ever more advanced RF solutions to our customers."

"We are looking forward to joining the Microsemi family," said Jacob Inbar, chairman, president and CEO of AML. "Our RF microwave technology is extremely complementary to Microsemi's existing product portfolio, and we look forward to leveraging our combined position as a top supplier into leading defense programs."