17 June 2011

GigOptix completes acquisition of Endwave 

At a special meeting of stockholders of Endwave Corp of San Jose, CA, USA, a vote approved the firm’s acquisition by GigOptix Inc of Palo Alto, CA. Holders of more than 55% of the outstanding Endwave shares (more than 98% of the shares represented at the meeting) voted in favor of the acquisition. All outstanding shares of Endwave common stock will be converted into shares of GigOptix common stock at a conversion ratio of about 0.908.

GigOptix designs modulator drivers, laser drivers and transimpedance amplifier (TIA) ICs based on III-V materials as well as polymer electro-optic modulators for high-speed fiber-optic communications systems. The firm also offers a range of digital and mixed-signal application-specific integrated circuits (ASICs). Endwave designs and manufactures high-frequency RF solutions and semiconductor products for the wireless mobile backhaul communications, satellite communications, electronic instruments, and defense and security markets.

“The Endwave acquisition is an exciting step towards fulfilling our long-term vision of building the industry’s premier one-stop-shop supplier of analog and optical components that enable high-speed information streaming,” GigOptix’s CEO & chairman Dr Avi Katz. “We look forward to continuing on our mission to address customers’ expanding needs for innovative high-speed data communications solutions as well as simplifying our customers’ supply chains,” he adds.

“The combination of GigOptix and Endwave is an ideal blend of technology, opportunity and vision that will benefit our customers, employees and stockholders,” believes John Mikulsky, Endwave’s former CEO and newly appointed member of the GigOptix board. 

As part of the consolidation, GigOptix will proceed with strategic changes to its leadership structure that include a horizontal class of functional organizations led by three executives, supported by three general manager executives each leading specific vertical product lines. The revised structure is intended to assist in streamlining collaboration within GigOptix, while also enabling an expansion of GigOptix’s business and product portfolio in order to better position GigOptix for future growth.

“We have already initiated many preliminary in-house activities in preparation for the physical and operational integration process,” says Katz. “We expect the majority of the integration process to be completed early in the third quarter of this year, including the relocation of our corporate headquarters to the current Endwave site at 130 Baytech Drive, San Jose, California 95134,” he adds. “Additionally, we continue to actively pursue the listing of GigOptix’s shares on the NYSE Amex, with the closing of this acquisition bringing us one step closer to achieving this goal.”

See related items:

High-speed optical IC firm GigOptix to acquire high-frequency RF firm Endwave

Tags: GigOptix Endwave

Visit: www.gigoptix.com

Visit: www.endwave.com