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CHELMSFORD, Mass., Aug. 8, 2012 (GLOBE NEWSWIRE) -- Mercury Computer Systems, Inc. (Nasdaq:MRCY), (
www.mc.com ), a trusted provider of commercially developed application-ready ISR and EW subsystems for defense prime contractors, today announced the closing of its previously announced acquisition of Micronetics (Nasdaq:NOIZ), a leading designer and manufacturer of microwave and radio frequency (RF) subsystems and components for defense and commercial customers. The closing follows the satisfaction of all conditions to the closing of the transaction, including approval of the transaction by Micronetics' stockholders. Micronetics' common stock has ceased trading on the NASDAQ Capital Market.
Pursuant to the terms of the merger agreement, Mercury acquired Micronetics for $14.80 per share. This represented a fully diluted equity value of $71.7 million and an enterprise value of $74.9 million, including $3.2 million of net debt as of the closing date. As previously announced, the transaction was funded with available cash.
"We're extremely pleased that the Micronetics transaction was completed on schedule; the next step is executing a seamless integration," said Mark Aslett, President and CEO of Mercury. "The acquisition is directly aligned with our strategy of expanding our capabilities, services and offerings along the sensor processing chain. Micronetics has built a great business and delivered solid value for their shareholders and now we look forward to taking it to the next level."
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About Mercury Computer Systems, Inc. – Where Challenges Drive Innovation ®
Mercury Computer Systems (
www.mc.com ), (Nasdaq:MRCY) is a best-of-breed provider of open, commercially developed, application-ready, multi-INT subsystems for defense prime contractors. With more than 30 years of experience in embedded computing, superior domain expertise in radar, EW, EO/IR, C4I and sonar applications, and more than 300 successful program deployments including Aegis, Global Hawk and Predator, Mercury's Services and Systems Integration (SSI) team leads the industry in partnering with customers to design and integrate system-level solutions that minimize program risk, maximize application portability and accelerate customers' time to market.
Mercury is based in Chelmsford, Massachusetts, and serves customers worldwide through a broad network of direct sales offices, subsidiaries and distributors.