(Alliance News) - CML Microsystems PLC on Tuesday said it has received formal clearance from the US government to proceed with the acquisition of Microwave Technology Inc.
CML Microsystems is an Essex, England-based company that develops mixed-signal, radio frequency and microwave semiconductors for communications markets.
In January, CML agreed to acquire Silicon Valley semiconductor company Microwave Technology.
Microwave Technology makes semiconductors for wireless communications applications. It recorded a USD132,000 net loss on revenue of USD6.5 million in 2022.
In connection with the US clearance process, CML said it has signed a National Security agreement with the relevant US government agencies, on behalf of the committee on Foreign Investment in the US, whereby CML will be required to implement specific measures to oversee compliance with the NSA.
The company expects the MwT acquisition to complete during the first week of October.
Back in January, CML said the acquisition will expand the group's product portfolio, strengthen its support resources, increase research and development capabilities, and provided "essential know-how and experience" in system level understanding, product manufacturing and packing techniques.
Shares in CML were down 1.3% to 424.50 pence each in London on Tuesday around midday.
By Sophie Rose, Alliance News reporter
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CML Microcircuits (CML)