Microsemi Buys Vitesse Semiconductor For $389M

Aliso Viejo-based Microsemi and Camarillo-based Vitesse Semiconductor said this morning that Microsemi has agreed to buy Vitesse, in a deal worth $389M. The two said that Miicrosemi will pay $5.28 per share for Vitesse--a 32 percent premium to Vitesse's average closing price during the last 30 trading days--and will allow the companies to offer up a broader solution to the market. Vitesse is a developer of high speed, networking semiconductors. Vitesse was founded in 1984. Microsemi is being advised by BofA Merrill Lynch, RBC Capital Markets, and O'Melveny & Myers LLP in the deal; Vitesse is being advised by Deutsche Bank, Needham & Company, and Stubbs Alderton & Markiles, LLP.