Microsemi Buys Symmetricom

Aliso Viejo-based semiconductor developer Microsemi announced Monday that it has acquired Symmetricom, a San Jose-based developer of timing and frequency components. According to Microsemi, it will pay $7.18 per share--or approximately $230M--for Symmetricom. Symmetricom's chips are used in GPS satellites, for atomic clocks and timekeeping standards, the power grid, and many other applications. Microsemi said the deal is a 49 percent premium based on average closing price of Symmetricom during the last 90 days.