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Mindspeed Announces Definitive Agreement to Sell Assets of Its Wireless Infrastructure Unit to Intel
NEWPORT BEACH, Calif. -- Dec. 16, 2013 -- Mindspeed Technologies, Inc. (Nasdaq:MSPD), a leading supplier of semiconductor solutions for network infrastructure, today announced that it has signed a definitive agreement to sell the assets of its wireless infrastructure business unit to Intel Corporation (Nasdaq:INTC). The asset sale was contemplated by the agreement and plan of merger with M/A-COM Technology Solutions Holdings, Inc. (Nasdaq:MTSI), announced on November 5, 2013.
"We are excited that our wireless infrastructure business is being incorporated into Intel," commented Raouf Y. Halim, chief executive officer of Mindspeed.
The parties expect the transaction to close in February 2014 subject to satisfaction or waiver of various closing conditions. Morgan Stanley & Co. LLC acted as financial advisor to the board of directors of Mindspeed. Further details of the transaction can be found in the Current Report on Form 8-K filed with the SEC by Mindspeed today.
About Mindspeed Technologies
Mindspeed Technologies (Nasdaq:MSPD) is a leading provider of network infrastructure semiconductor solutions to the communications industry. The company's low-power system-on-chip (SoC) products are helping to drive video, voice and data applications in worldwide fiber-optic networks and enable advanced processing for 3G and long-term evolution (LTE) mobile networks. The company's high-performance analog products are used in a variety of optical, enterprise, industrial and video transport systems. Mindspeed's products are sold to original equipment manufacturers (OEMs) around the globe. On November 5, 2013, Mindspeed announced that it has entered into a definitive agreement to be acquired by M/A-COM Technology Solutions Holdings, Inc., a leading supplier of high performance RF, microwave and millimeter wave products.
To learn more, please visit www.mindspeed.com.
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