Microsemi to buy Actel Corp for $430 mn

NEW YORK, USA: Microsemi Corp, a maker of power management semiconductors, said it will buy integrated circuit manufacturer Actel Corp for about $430 million, to expand in the defense and aerospace market.

Microsemi said it would pay $20.88 per Actel share through a cash tender offer, and expects the deal to add $0.22 to $0.28 per share in its first full calendar year ending December 2011.

For the September quarter, net sales for Microsemi are expected to range from $146 to $150 million.

Microsemi said it remains comfortable with its previously announced non-GAAP earnings per share outlook for its fourth quarter of $0.33 to $0.35.

Analysts, on average, are expecting fourth-quarter earnings of 34 cents a share, excluding items, on revenue of $146.9 million.

"We believe the addition of Actel will deliver compelling synergies to Microsemi," Microsemi Chief Executive James Peterson said in a statement.