Irvine, Calif. — Microsemi Corp. is expected to buy AML Communications Inc. for $28 million in a move that will bolster the company’s RF component and subsystems product offering. The company has signed a definitive agreement to acquire AML for $2.50 per share in an all-cash transaction. The deal is expected to close around the end of June 2011.
The total transaction value would be approximately $28 million, net of AML Communications’ projected cash balance at closing. AML, headquartered in Camarillo, Calif., manufactures microwave amplifiers and subsystems for defense electronics applications. Key customers include Raytheon, Lockheed Martin, Northrop Grumman, L-3 Communications, and BAE.
AML Communications had previously entered into a definitive merger agreement with Anaren, Inc. on February 14, 2011. Under the agreement, 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 was a better deal for its shareholders.