Anaren And AML Sign Merger Deal

Passive component innovator Anaren and amplifier specialist AML Communications have signed a definitive merger agreement. Through a subsidiary, Anaren will acquire all of AML's outstanding shares of common stock for $2.15 per share in an all-cash transaction (an equity value of a little more than $29 million and enterprise value of about $22.6 million). Upon completion of the acquisition, AML will become a wholly owned subsidiary of Anaren and will be reported within Anaren's Space & Defense Group.

Says Lawrence A. Sala, Chairman, President, and CEO of Anaren: "We are very pleased to have reached this agreement with AML and believe the acquisition is consistent with Anaren's growth, profitability, and innovation strategies. AML's leading microwave amplifier technology is an excellent fit for the Space & Defense Group's strategy to expand its technology base in order to capture a broader array of subsystem opportunities at our defense OEM customers."

Adds Jacob Inbar, Chairman, President, and CEO of AML, "We are excited about joining the Anaren team and the many new business and technology opportunities we can jointly pursue as a result. Being part of a larger organization will offer new and exciting opportunities for our employees' and we are confident AML's current customers will benefit from our combined broader technology portfolio and manufacturing capabilities made possible by the acquisition."

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