Microsemi Expects To Close PMC-Sierra Acquisition On Jan. 15

(RTTNews) - Microsemi Corp. (MSCC) Monday said that with the pricing of the $450 million senior notes offering, and its credit facility commitments, it has successfully obtained financing commitments to close the acquisition of PMC-Sierra. Microsemi expects to close the acquisition on January 15.

The company also received anti-trust approval in connection with the merger agreement to acquire PMC for $9.22 in cash and 0.0771 of a share of Microsemi common stock.

The company reaffirmed the previously announced $100 million in expected synergies associated with the transaction. Of this, $75 million is expected to be realized in the first full quarter of the combined operations.

Microsemi also updated its revenue guidance for the first quarter of fiscal 2016. The company expects its first fiscal quarter revenue to be near the high end of its revenue guidance provided on November 5, 2015 as part of its fourth fiscal quarter earnings release. The company had previously guided a revenue range of $325 to $329 million.