Hewlett-Packard to Buy Avantek for $82.8 Million
Hewlett-Packard Co. has agreed to acquire Avantek for about $82.8 million, the companies announced Wednesday.
The merger with Avantek, a Santa Clara-based maker of microwave semiconductors, components and assemblies, is expected to be completed this fall.
It is subject to approval by Avantek shareholders and an antitrust review by the federal government.
Under the proposal, HP will pay $4.60 per share for each of Avantek’s approximately 18 million shares of common stock.
HP said the combination of the two companies will create a more competitive radio-frequency and microwave frequency semiconductors and components business.
“It’s rare that you find two companies whose products, people and technologies complement each other as well as HP’s components business and Avantek,” said William E. Terry, HP executive vice president.
Avantek employs 2,000 people and had sales of $155.5 million in 1990.