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Sirenza Microdevices, Inc. (SMDI) designs high performance radio frequency (RF) components for the communications and aerospace/defense markets. The company was formed in 1985 and was originally known as Matrix Microassembly and later Stanford Microdevices. Following the acquisition of Vari-L Company, Inc. in May 2003, the corporate headquarters was moved from Sunnyvale, California to Broomfield, Colorado. Sirenza's key products include signal amplifiers, power amplifiers, discrete devices, RF signal processing components, signal source products, military/aerospace components, fiber optic components, and high performance multi-component modules (or MCMs) for various high-frequency transmit and receive applications. The company's strategy is to take advantage of growth in the communications and aerospace/defense markets, to develop a steady stream of new industry-leading RF components, and to add complementary products through strategic acquisitions.
The company currently operates in two primary business segments: the Broadband & Consumer division and the Wireless division.The Broadband & Consumer division consists of CATV, RF components, and other broadband consumer products. The Wireless division consists of mobile wireless products and aerospace & defence related products. In the third quarter of fiscal 2007, the Broadband & Consumer division contributed 53% of total revenue and the remaining 47% was generated from the Wireless division. Direct sales accounted for 95% of the total, while sales through distributors (including Avnet, Acal, Nu Horizons and RFMW) comprised the remaining 5%. Geographically, Asia generated 50% of total third quarter revenue, North America accounted for 42%, and other regions, including Europe contributed the remaining 8%.
On August 13, Sirenza Microdevices announced that the company is to be acquired by RF Micro Devices, a maker of RF electronics components, in a stock and cash transaction vauled at approximately $900 million. Under the terms of the merger agreement, holders of each common stock of Sirenza will receive a combination of cash in the amount of $5.56 and 1.7848 shares of RF Micro Devices common stock. On October 29, shareholders of both Sirenza Microdevices and RF Micro Devices approved this proposed merger. This deal is expected to be consummated by November 13, 2007, subject to satisfaction of typical closing conditions.
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