SOURCE: Intersil

September 10, 2007 16:30 ET

Intersil Corporation Acquires Planet ATE, Supplier of the World's Most Highly-Integrated Analog Pin Electronics for IC Test Equipment

MILPITAS, CA--(Marketwire - September 10, 2007) - Intersil Corporation (NASDAQ: ISIL), a world leader in the design and manufacture of high-performance analog solutions, today announced that it has signed a definitive agreement to acquire Planet ATE, Inc., a privately held, fabless semiconductor supplier to the automated test equipment (ATE) market.

"Planet ATE is a great acquisition and provides Intersil with a very profitable new product family," said Rich Beyer, Intersil's Chief Executive Officer. "Intersil should enable Planet ATE to further expand its customer base, and Planet ATE should enable Intersil to further penetrate the automated test equipment market with our expanding portfolio of high-performance analog products."

Planet ATE chips offer the highest integration and lowest power solution for the per-channel analog content within automated test equipment. "We are very excited to be part of the Intersil family," said Jeff King, Planet ATE's Chief Executive Officer. "We believe that Intersil's resources and customer contacts will help us accelerate our revenue growth and strengthen our leadership position in the market for ATE ICs."

Planet ATE currently generates between $10 million to $12 million in annual revenues, and is growing at a rate above that of the analog market. The transaction is expected to be immediately accretive to Intersil's earnings.

In connection with the acquisition, Intersil expects to pay approximately $46 million net in cash at closing in exchange for all outstanding shares of capital of Planet ATE. Additional consideration of up to $12 million in cash may be payable to the former holders of Planet ATE capital stock upon satisfaction of certain performance goals in 2008. The boards of directors of both companies have unanimously approved the merger. The closing, which is expected to occur during Intersil's third quarter ending September 28, remains subject to customary closing conditions. Intersil may record a one-time charge to operating income for purchased in-process research and development expenses when the closing occurs. The amount of that charge, if any, has not yet been determined.

About Intersil

Intersil Corporation is a leader in the design and manufacture of high-performance analog semiconductors. The Company's products address some of the industry's fastest growing markets, such as, flat panel displays, cell phones, other handheld systems, and notebooks. Intersil's product families address power management functions and analog signal processing functions. Intersil products include ICs for battery management, hot-swap and hot-plug controllers, linear regulators, power sequencers, supervisory ICs, bridge drivers, PWM controllers, switching DC/DC regulators and power MOSFET drivers; optical storage laser diode drivers; DSL line drivers; video and high-performance operational amplifiers; pin drivers, data converters; interface ICs; analog switches and multiplexers; crosspoint switches; voice-over-IP devices; and ICs for military, space and radiation-hardened applications. For more information about Intersil or to find out how to become a member of our winning team, visit the Company's web site and career page at http://www.intersil.com/cda/home/.

This release may include "forward-looking statements" that are subject to risks and uncertainties. For information identifying economic, political, climatic, currency, regulatory, technological, competitive and some other important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, see Intersil's Safe Harbor Forward Looking Statement disclaimer found at http://www.intersil.com/legal.asp, as well as Intersil's SEC filings as updated from time to time, found at http://www.sec.gov.

Contact Information

  • Contact:
    Sanjay Arora
    Investor Relations
    Intersil Corporation
    (408) 546-3454
    Email Contact