CHELMSFORD, Mass., 10 Aug. 2012. Mercury Computer Systems, Inc. (NASDAQ: MRCY), a provider of commercially developed application-ready ISR and EW subsystems for defense prime contractors, announced the closing of its previously announced acquisition of Micronetics (NASDAQ: NOIZ), a 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.
Micronetics also manufactures and designs test equipment and components that test the strength, durability, and integrity of communication signals in communication equipment. Micronetics’ customer base includes BAE Systems, Boeing, Cobham, EADS, General Dynamics, ITT Exelis, L-3 Communications, Lockheed Martin, Northrop Grumman, Raytheon, Rockwell, Tecom Industries, Teradyne, and Thales.
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.
The acquisition finished ahead of schedule, having been expected to have ended in September 2012.
