MACOM宣布签订收购AppliedMicro的最终协议

这份协议有助于加快和扩大云数据中心领域的突破; MACOM计划在交易结束后的100天内剥离计算业务

20161121日,马萨诸塞州洛厄尔 - MACOM Technology Solutions Holdings, Inc. (NASDAQ: MTSI)(“MACOM”)是一家高性能模拟射频、微波和光学半导体产品领域的领先供应商,公司于今日宣布签订了一份最终协议,收购了Applied Micro Circuits Corporation (NASDAQ:AMCC)(“AppliedMicro”),AppliedMicro是针对下一代云基础设施与数据中心的连接性和计算解决方案领域中的全球领导者,收购价格约为每股8.36美元,包括AppliedMicro每股3.25美元现金和0.1089股MACOM股票。 相比AppliedMicro在11月18日星期五的收盘价,收购时每股溢价15.4%。MACOM计划在交易结束后的前100天内剥离具有有利地位但非战略性的计算业务。

交易重点包括:

  • 2016年9月30日,AppliedMicro的TTM收入(包括计算业务)约为1.65亿美元,现金和短期投资为8200万美元,交易价值约为7.70亿美元
  • 据估计,MACOM和AppliedMicro的合并TTM收入约为7.09亿美元(包括AppliedMicro的计算业务),或约6.44亿美元(其中不包括计算业务)
  • 通过增添市场领先的OTN成帧器、MACsec以太网网络组件和业内领先的单λ PAM4平台,AppliedMicro的连接业务与MACOM的产品组合高度互补
  • 本次交易将推动MACOM在适合云服务供应商和企业网络客户的光学技术领域取得显著增长,从而赢得高速增长的高利润数据中心市场
  • AppliedMicro基于FinFET技术的领先PAM4解决方案以及与顶级数据中心和服务提供商客户签署的定制协定预计会加强MACOM与这些客户的竞争地位
  • MACOM期望通过剥离计算业务并实现可观收益和成本协同效应来提高AppliedMicro的盈利能力
  • 除计算业务外,MACOM预计,这项交易将在2017年9月MACOM的财年结束时使公司实现非GAAP毛利润、非GAAP营业毛利和非GAAP EPS的增长
  • MACOM将获得超过6亿美元的净税结转营业损失

总裁兼首席执行官John Croteau这样评价本次交易:“这次交易会加快和拓宽MACOM在企业和云数据中心领域的突破机遇。MACOM现在能够为光学网络(模拟,光子和PHY)提供从交换机到用于长距离、都市、接入、回程和数据中心的光纤所需的全部半导体内容。AppliedMicro的100G至400G单λ PAM4平台应当能够完美契合MACOM在用于数据中心的模拟和光子元件领域的领导地位。”

“尤其是,IEEE最近建议采用AppliedMicro的单λ PAM4解决方案作为企业和数据中心连接的行业标准,同时将此技术定位为未来的选择解决方案。此外,AppliedMicro的连接业务非常符合MACOM独特的高速发展业务模式,可贡献远超过MACOM长期目标运营模式的非GAAP毛利润、带来较长的产品生命周期并建立密切的客户关系。”

“AppliedMicro还提供了增值技术,包括SerDes、高速模数转换器和数模转换器,它们拥有业内领先的工程竞争优势以及较长的产品使用寿命。重要的是,我们期望本次交易能使MACOM确立提供战略组件以及拓展企业和云数据中心客户的现有地位。”

MACOM计划在交易结束后的100天内剥离AppliedMicro具有有利地位的计算业务,因为这项业务在战略上不符合MACOM的长期发展目标。AppliedMicro一直在探索计算业务的战略选择,在多个潜在买家和投资者之间存在已知的战略利益。在此过渡期间,MACOM会继续对计算客户和合作伙伴提供支持。

“今天对于AppliedMicro意义非凡,我们很荣幸能够加入MACOM。这次交易肯定了我们员工创造的价值,为我们的连接业务指明了坚实的前进之路,同时为AppliedMicro股东提供了很高的溢价,”AppliedMicro的总裁兼CEO说到。“这项交易将缔造一个规模庞大的行业巨擘,它拥有深厚的客户关系和创新技术,并有能力生产有助于在企业和云数据中心领域实现爆炸性增长的产品。此外,这份协议将为计算业务指出一条充满光明的前进之路,公司正在将AppliedMicro具有强大竞争优势的第三代X-Gene处理器推向市场。X-Gene的功能非常强大,可为通过其成熟的高性能内核、可扩展互连功能和极高的每插槽内存容量为主流服务器处理器带来巨大机遇。”

MACOM计划以每股约8.36美元的价格收购AppliedMicro的已发行普通股,包括AppliedMicro每股3.50美元现金和0.1089股MACOM股份。MACOM将承担AppliedMicro员工持有的特定股权奖励。截至2016年9月30日,稀释后的股权交易价值约为7.70亿美元,或者约为6.88亿美元(扣除AppliedMicro约8200万美元的现金状况)。这项交易预计将在2017财年使MACOM实现非GAAP毛利润、非GAAP营业毛利和非GAAP EPS的增长(不包括计算业务)。据估计,AppliedMicro股东预期将拥有联合公司约15%的股份。MACOM计划以现金的方式支付收购价的现金部分。两家公司的董事会已批准这项交易,此交易须符合惯例成交条件并经过监管机构批准。就目前状况而言,MACOM预计本次交易将于2017年第一个季度完成。

Evercore担任MACOM独家财务顾问,Ropes & Gray LLP担任MACOM法律顾问。

Morgan Stanley & Co. LLC担任AppliedMicro独家财务顾问,Pillsbury Winthrop Shaw Pittman LLP担任AppliedMicro法律顾问。AppliedMicro的董事会已收到Morgan Stanley & Co. LLC和Needham & Company, LLC的公平意见。

电话会议和幻灯片演示信息

MACOM将于11月21日星期一东部时间上午9:00(太平洋时间上午6:00)举办电话会议。电话会议将以幻灯片形式通过互联网现场直播,所有利益相关方均可在MACOM网站的“投资者”部分进行观看:http://ir.macomtech.com/。 MACOM的总裁兼首席执行官John Croteau和MACOM的首席财务官Robert McMullan将参加这次电话会议。此外,还会邀请投资者和分析师参加本电话会议。要收听本次电话会议直播,请访问MACOM网站的“投资者”部分,并至少在电话会议开始前十五分钟单击“电话会议”链接,以便注册、下载和安装所有必要的音频软件。

日期:2016年11月21日,星期一

时间:东部时间上午9:00

电话:1+(877) 837-3908;非美国地区的电话为:1+(973) 872-3000

参与者代码:24085998

网络直播: http://ir.macom.com/events.cfm

对于在现场直播期间无法参加的人员,电话会议稍后将重播,并且会在MACOM网站上保留7天。重播电话为1-(855) 859-2056,密码为24085998。国际用户请拨打+1(404) 537-3406,并在出现提示时输入相同的密码。此外,电话会议将通过互联网直播,并且在约60天的有效期内,所有利益相关方均可在以下公司网站的“投资者关系”部分进行观看:http://ir.macomtech.com/

有关交易的更多详细信息,请参见MACOM于2016年11月21日向证券交易委员会提交的Form 8-K的最新报告。

关于MACOM

MACOM通过为光学、无线和卫星网络提供突破性半导体技术,来满足社会对信息的无止境需求,从而实现全面连通更加安全的世界。

如今,MACOM推动着各种基础设施的建设,让数百万人在生活中每时每刻都能方便地沟通、交易、旅行、获取信息和参与娱乐活动。我们的技术提高了移动互联网的速度和覆盖率,让光纤网络得以向企业、家庭和数据中心传输以往无法想象的巨大通信量。

MACOM技术支持下一代雷达,可用于空中交通管制和天气预报,从而保卫所有人的安全。

MACOM是世界领先通信基础设施的首选合作伙伴,借助我们的顶尖团队和丰富的模拟射频、微波、毫米波和光子半导体产品,可帮助这些公司解决网络容量、信号覆盖、能源效率和现场可靠性等领域内的最复杂挑战。

MACOM是半导体行业的支柱型企业,在60多年的蓬勃发展历程中,公司敢于采用大胆的技术手段,为客户提供真正的竞争优势并为投资者带来卓越的价值,致力于构筑更加美好的世界。

MACOM总部位于美国马萨诸塞州洛厄尔,已通过ISO9001国际质量标准和ISO14001环境管理标准的认证。MACOM在北美、欧洲、亚洲和澳大利亚设立了多个研发中心和销售办公室。

MACOM、M/A-COM、M/A-COM Technology Solutions、M/A-COM Tech、Partners in RF & Microwave以及相关标识均为MACOM公司的商标。其他商标归各自商标拥有者所有。

如需了解更多关于MACOM的信息,敬请访问:www.macom.cn.com。也可以在新浪微博(@MACOM)、微信公众号(“MACOM科技”)、Twitter ( @MACOMtweets )、LinkedIn、优酷视频腾讯视频YouTube 上了解公司的最新消息。

 

About AppliedMicro

AppliedMicro Circuits Corporation (Nasdaq:AMCC) is a global leader in computing and connectivity solutions for next-generation cloud infrastructure and data centers. AppliedMicro delivers silicon solutions that dramatically lower total cost of ownership. Corporate headquarters are located in Santa Clara, California. www.apm.com.

 

Company Contact:

MACOM Technology Solutions Holdings, Inc.

Bob McMullan

Chief Financial Officer

P: 978-656-2753

E: bob.mcmullan@macom.com

 

MACOM Investor Relations Contact:

Shelton Group

Leanne K. Sievers, EVP

P: 949-224-3874

Brett L. Perry, Vice President

P: 214-272-0070

E: sheltonir@sheltongroup.com

AppliedMicro Investor Relations Contact:

The Blueshirt Group

Suzanne Schmidt, Managing Director

P: 415-217-4962

E: suzanne@blueshirtgroup.com

Forward-Looking Statements and Use of Non-GAAP Financial Measures

DISCLOSURE NOTICE: This document contains forward-looking information related to MACOM, AppliedMicro and the proposed acquisition of AppliedMicro by MACOM that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements in this document include, among other things, statements about the potential benefits of the proposed acquisition and the anticipated timing of closing of the acquisition. Risks and uncertainties include, among other things, risks related to the satisfaction of the conditions to closing the acquisition (including the failure to obtain necessary regulatory approvals) in the anticipated timeframe or at all, including uncertainties as to how many of AppliedMicro’s stockholders will tender their shares in the tender offer and the possibility that the acquisition does not close; risks related to the ability to realize the anticipated benefits of the acquisition, including the possibility that the expected benefits from the proposed acquisition will not be realized or will not be realized within the expected time period; the risk that the businesses will not be integrated successfully; disruption from the transaction making it more difficult to maintain business and operational relationships; negative effects of this announcement or the consummation of the proposed acquisition on the market price of MACOM’s common stock and on MACOM’s operating results; significant transaction costs; unknown liabilities; the risk of litigation and/or regulatory actions related to the proposed acquisition; other business effects, including the effects of industry, market, economic, political or regulatory conditions; future exchange and interest rates; changes in tax and other laws, regulations, rates and policies; future business combinations or disposals; the uncertainties inherent in research and development, including the ability to sustain and increase the rate of growth in revenues for AppliedMicro products; and competitive developments.

A further description of risks and uncertainties relating to MACOM and AppliedMicro can be found in their respective Annual Reports on Form 10-K for the fiscal years ended September 30, 2016 and March 31, 2016, respectively, and in their subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission (the “SEC”) and available at www.sec.gov. 

We make references in this presentation to certain financial information calculated on a basis other than in accordance with accounting principles generally accepted in the United States (GAAP), including non-GAAP gross margin, operating margin and EPS.  These non-GAAP measures are provided to enhance the user’s overall understanding of the potential impact of the AppliedMicro transaction. We are unable to provide a quantitative reconciliation of these non-GAAP measures to the most directly comparable GAAP measure because we cannot reliably forecast transaction, integration and other costs related to the AppliedMicro transaction, which are difficult to predict and estimate.

The information contained in this document is as of November 21, 2016. Neither MACOM nor AppliedMicro assumes any obligation to update forward-looking statements contained in this document as the result of new information or future events or developments.

Additional Information and Where to Find It

The exchange offer for the outstanding shares of AppliedMicro stock described in this communication has not yet commenced. This announcement is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares, nor is it a substitute for any materials that MACOM and its offering subsidiary, Montana Merger Sub I, Inc. (“Purchaser”), will file with the SEC.

Purchaser plans to file a tender offer statement on Schedule TO, together with other related exchange offer documents, including a letter of transmittal, in connection with the offer; AppliedMicro plans to file a Recommendation Statement on Schedule 14D-9 in connection with the offer; and MACOM plans to file a registration statement on Form S-4 that will serve as a prospectus for MACOM stock to be issued as consideration in the offer and the mergers. These documents will contain important information about MACOM, AppliedMicro and the mergers.  AppliedMicro stockholders are urged to read these documents carefully and in their entirety when they become available before making any decision regarding exchanging their shares.  These documents will be made available to AppliedMicro stockholders at no expense to them and will also be available for free at the SEC's website at www.sec.gov.  Additional copies may be obtained for free by contacting MACOM’s investor relations department at (949) 224-3874 or AppliedMicro’s investor relations department at (415) 217-4962.

In addition to the SEC filings made in connection with the transaction, each of MACOM and AppliedMicro files annual, quarterly and current reports and other information with the SEC.  You may read and copy any reports or other such filed information at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room.  MACOM’s and AppliedMicro’s filings with the SEC are also available to the public from commercial document-retrieval services and at the at http://www.sec.gov.

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