SUNNYVALE, Calif.--Wireless-chip maker Sirenza Microdevices Inc. today announced a definitive agreement to acquire the assets of Vari-L Co. Inc., a Denver-based supplier of radio-frequency (RF) components.
Under the terms, Sirenza will pay $13.6 million in stock and cash and forgiveness of $1.4 million in secured bridge loans to Vari-L. For the fiscal year ended June 30, Vari-L reported net sales of $21.3 million and a net loss of $6.3 million, or a loss of $0.87 per basic share. Sirenza expects the acquisition to become accretive to its results in the second quarter of 2003.
"We believe that this acquisition will benefit the customers and stockholders of both companies by leveraging our respective technologies, products, channels, and RF design expertise for the wireless and wireline end markets," said Robert Van Buskirk, president and chief executive of Sunnyvale-based Sirenza, in a statement.
"Vari-L's voltage-controlled oscillator (VCO) components, phase-locked loop (PLL) modules and signal processing components are frequently used side-by-side with Sirenza's RF components by developers of communications infrastructure equipment," he said.
Sirenza also confirmed its outlook for fourth-quarter 2002 financial results, as disclosed back in October.
