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News Article

Celeritek to wind up as Mimix buys final assets

California-based GaAs company Celeritek will cease to exist, now that Mimix Broadband is to acquire its components business.

Houston-based GaAs MMIC supplier Mimix Broadband is to acquire the remaining assets of Celeritek for $2.8 million in cash.

Under the agreement, Mimix will also take on liabilities of $6 million. The deal does not include Celeritek's remaining cash, cash equivalents or certain other non-operating assets.

The GaAs component operation that Mimix is acquiring includes a portfolio of products such as low-noise amplifiers, gain blocks and power amplifier (PA) modules for both commercial and defense applications.

Celeritek exited the cell phone handset PA business and decided to concentrate on defense markets back in September 2003 (see related story). That decision came after Motorola decided to stop second-sourcing its handset PA modules from the company.

Shortly afterwards, Anadigics acquired the Tavanza handset PA design business from Celeritek, while in July 2004, Teledyne Technologies announced plans to buy Celeritek's defense electronics business.

The Teledyne sale netted Celeritek shareholders $31.4 million, or $3 per share.

The sale of Celeritek's GaAs business to Mimix is subject to shareholder approval, and if the deal goes through, any remaining company assets will be distributed among shareholders.

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