Analog Devices buys Hittite

ADI president and CEO Vincent Roche

ADI president and CEO Vincent Roche

Analog Devices is to acquire RF firm Hittite Microwave for $78 per share in cash, valuing Hittite at around $2bn.

ADI expects to fund the acquisition through a combination of cash on hand and short-term debt financing, and the transaction is expected to close near the end of ADI’s third fiscal quarter of 2014, subject to regulatory approvals.

“Hittite’s strength in RF, microwave, and millimeter wave technology complements ADI’s RF and signal conversion expertise,” said ADI president and CEO Vincent Roche. “Our combined capabilities will enable us to bring more complete solutions to our customers and address more of the industrial, communications infrastructure, and automotive markets.”

ADI also reaffirmed financial guidance for its third quarter of fiscal year 2014, for revenue to increase in the range of 1% to 5%, and excluding any one-time items, for diluted earnings per share to be in the range of $0.60 to $0.64.

Tags: Analog Devices

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