Sivers Semiconductors to acquire MixComm, a US mmWave challenger

Sivers Semiconductors AB (“Sivers”; Nasdaq Stockholm: OM.SIVE) has today entered into an agreement to acquire 100 per cent of the share capital of MixComm Inc. (“MixComm”), a US-based mmWave challenger fabless semiconductor company, for an initial purchase price of USD 135m (approximately SEK 1,173 million) on a debt-free basis. The consideration will be paid through a combination of USD 22.5 million (SEK 196 million) in cash and USD 112.5 million (approximately SEK 978 million) in 39,335,664 newly issued Sivers shares based on the 10-day volume weighted average price of a Sivers share prior to signing of the agreement. In addition, there is a performance-based earn-out of up to USD 20 million (SEK 174 million) to be paid in new Sivers shares based on the same share exchange ratio, tied to the achievement of certain commercial customer milestones within nine months from signing. Following this announcement, Sivers intends to effect a directed share issue to fund the cash consideration, transaction fees and expenses, and the ongoing working capital needs of the combined business.

Following completion, the enlarged Sivers group will be a global leader in 5G mmWave semiconductors, with strong capabilities and a broad joint IP portfolio of RFIC/BFIC (radio frequency/beam forming integrated circuits) chipsets in a wide variety of mmWave semiconductor technologies, including SiGe (Silicon Germanium) and RF-SOI (RF silicon-on-insulator). This IP portfolio will cover a broad spectrum of possible mmWave use cases such as unlicensed 5G, licensed 5G infrastructure, fixed wireless access (FWA) customer premises equipment (CPE) and satellite communications (SATCOM), with industry leading performance. The acquisition also enables the combined businesses to bring MixComm’s industry-first Antenna-in-Package technology to all mmWave.

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