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[August 2000]
Acquisition of Sigtek Inc. by Filtronic plc
Filtronic plc, a leading global player supplying the mobile infrastructure markets, whose customers include Nokia, Motorola, Ericsson, Philips and Lucent, announces the acquisition of Sigtek Inc, based in Maryland, USA for a maximum consideration of $20m.
Sigtek is a leader in the field of high speed digital signal processing ("DSP") software development, and of its 30 employees, 23 are professional engineers.
The consideration, payable over a 4 year period is to be satisfied by the issue of up to 1,140,901 new Filtronic shares with an initial payment of 267,427 new shares at 1177p per share. In an innovative agreement, the deferred consideration element is subject to earn-out criteria dependent upon both the number and quality of the engineers retained by Sigtek over a four year period.
Visit: www.filtronic.com for further details.
ENDS