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PMC-Sierra completes acquisition of Wintegra
Santa Clara, USA – 18th November 2010. PMC-Sierra, Inc. (Nasdaq:PMCS), the premier Internet infrastructure semiconductor solution provider, has announced it has completed the acquisition of Wintegra, Inc., a leading provider of highly integrated network processors optimized for mobile backhaul equipment. In accordance with the terms of the transaction announced on October 21, 2010, PMC-Sierra paid approximately $240 million in cash for the acquisition, less estimated cash and short-term deposits acquired of approximately $26 million at time of closing. Further, up to an additional $60 million of cash consideration may be paid if certain growth and performance milestones are reached by the end of 2011.
The acquisition accelerates PMC-Sierra’s product offering in IP/Ethernet packet-based mobile backhaul equipment and fits strategically with its overall efforts to accelerate the transition of existing communications equipment to converged, packet-centric solutions. Wintegra’s WinPath™ family of network processors – combined with their field-proven networking software – is used in 3G/4G base stations, fiber and microwave cell site routers, as well as radio network controllers deployed in mobile networks worldwide. These single-chip solutions enable carriers to increase throughput on their mobile backhaul networks while successfully scaling and migrating to packet-based architectures.
Wintegra has approximately 165 employees located primarily in Ra’anana, Israel, and Austin, Texas.
About PMC-Sierra
PMC-Sierra, the premier Internet infrastructure semiconductor solution provider, offers its customers technical and sales support worldwide through a network of offices in North America, Europe, Israel and Asia. PMC-Sierra provides semiconductor solutions for Enterprise and Channel Storage, Wide Area Network Infrastructure, Fiber To The Home, and Laser Printer/Enterprise market segments. The Company is publicly traded on the NASDAQ Stock Market under the PMCS symbol. For more information, visit www.pmc-sierra.com.
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