CML Microsystems PLC - Essex, England-based company that develops mixed-signal, radio frequency and microwave semiconductors for communications markets - Completes the acquisition of Microwave Technology Inc for USD13.2 million, USD7.7 million of which is payable in cash, with the remaining amount to be paid in CML shares. Says the cash payment will be made in four tranches up to the second anniversary of the acquisition. Adds that it will issue 864,349 CML shares at 440 pence each to the sellers. Notes that the deal will increase its capabilities in research & development, adding that Microwave Technology's products are complementary to its current offering.
Managing Director Chris Gurry says: "We are delighted to finally welcome MwT into the CML group. Their dedicated and very experienced team will accelerate our multi-year growth strategy, enhancing the group's existing competencies, whilst the strong cultural synergies bode well for the combined businesses over the medium term."
Current stock price: 426.13p per share, down 2.0% on Monday morning in London
12-month change: up 7.3%
By Harvey Dorset, Alliance News reporter
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CML Microcircuits (CML)