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CML Microsystems Plc announced on 26 September 2023 that it received formal US Government clearance to proceed with its acquisition of Microwave Technology, Inc., an acquisition first announced on 17 January 2023. In connection with this clearance, CML signed a National Security Agreement with US government agencies, requiring the implementation of specific compliance measures. The company expects the MwT acquisition to complete during the first week of October 2023.
| Date | 26 Sept 2023 |
| Time | 10:47:22 |
| Category | Acquisitions and alliances |
| ID | 6982N |
26 September 2023
CML Microsystems Plc
("CML", the "Company" or the "Group")
US Government Clearance for Microwave Technology, Inc Acquisition
CML, which develops mixed-signal, RF and microwave semiconductors for global communications markets, is pleased to announce that it has, today, received formal clearance from the US Government to proceed with the acquisition of Microwave Technology, Inc. ("MwT"), as first announced on 17 January 2023.
In connection with this process, CML has signed a National Security Agreement ("NSA") with the relevant US government agencies, on behalf of the Committee on Foreign Investment in the US ("CFIUS"), whereby CML will be required to implement specific measures to oversee compliance with the NSA.
The Company expects the MwT acquisition to complete during the first week of October 2023 and will make a further announcement upon completion.
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CML Microsystems Plc Chris Gurry, Group Managing Director
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Shore Capital Toby Gibbs James Thomas Lucy Bowden Fiona Conroy (Corporate Broking)
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Tel: +44(0)20 7408 4090 |
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Alma PR Josh Royston Andy Bryant Matthew Young |
Tel: +44 (0)20 3405 0212
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About CML Microsystems Plc
CML develops mixed-signal, RF and microwave semiconductors for global communications markets. The Group utilises a combination of outsourced manufacturing and in-house testing with trading operations in the UK, Asia and USA. CML targets sub-segments within Communication markets with strong growth profiles and high barriers to entry. It has secured a diverse, blue chip customer base, including some of the world's leading commercial and industrial product manufacturers.
The spread of its customers and diversity of the product range largely protects the business from the cyclicality usually associated with the semiconductor industry. Growth in its end markets is being driven by factors such as the appetite for data to be transmitted faster and more securely, the upgrading of telecoms infrastructure around the world and the growing prevalence of private commercial wireless networks for voice and/or data communications linked to the industrial internet of things (IIoT).
The Group is cash-generative, has no debt and is dividend paying.