News Article
GigOptix completes acquisition of Endwave
The firm believes the acquisition will fulfil its long-term vision of building the industry's premier one-stop-shop supplier of analogue and optical components that enable high speed information streaming.
Supplier of semiconductor and optical components that enable high speed information streaming, GigOptix, has announced that at a special Endwave Corporation stockholders meeting, the stockholders voted to approve the acquisition of Endwave by GigOptix.
At the meeting, holders of more than 55% of the outstanding Endwave shares, or more than 98% of the shares represented at the meeting, were voted in favour of the adoption of the acquisition.
Under the terms of the acquisition, all outstanding shares of Endwave common stock will be converted into shares of GigOptix common stock at a conversion ratio of approximately 0.908.
Avi Katz, GigOptix's Chief Executive Officer and Chairman of the Board, stated, "The Endwave acquisition is an exciting step towards fulfilling our long-term vision of building the industry's premier one-stop-shop supplier of analogue and optical components that enable high speed information streaming. We welcome our new colleagues from Endwave and 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."
John Mikulsky, Endwave's former Chief Executive Officer and newly appointed member of the GigOptix Board, stated, "the combination of GigOptix and Endwave is an ideal blend of technology, opportunity and vision that will benefit our customers, employees and stockholders. I look forward to working on the GigOptix Board of Directors and continuing to be a part of this exceptional company."
As part of the consolidation, GigOptix will proceed with strategic changes to its leadership structure that include a horizontal class of functional organisations led by three executives, which are supported by three general manager executives each leading specific vertical product lines. This revised structure will 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.
Katz concluded, "We have already initiated many preliminary in-house activities in preparation for the physical and operational integration process. As such, 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. 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."
