March 1, 2018 / 9:52 PM / 4 months ago

BRIEF-Microchip To Buy Microsemi For $68.78 Per Share In Cash

March 1 (Reuters) - Microchip Technology Inc:

* DEAL FOR $68.78 PER SHARE IN CASH

* ‍TRANSACTION IS EXPECTED TO BE IMMEDIATELY ACCRETIVE TO MICROCHIP'S NON-GAAP EARNINGS PER SHARE​

* ‍BOARD OF DIRECTORS OF EACH COMPANY HAS UNANIMOUSLY APPROVED ACQUISITION​

* ‍MICROCHIP ANTICIPATES ACHIEVING AN ESTIMATED $300 MILLION IN SYNERGIES IN THIRD YEAR AFTER CLOSE OF TRANSACTION​

* J.P. MORGAN IS ACTING AS MICROCHIP'S EXCLUSIVE FINANCIAL ADVISOR AND IS PROVIDING $5.6 BILLION IN COMMITTED FINANCING

* PLANS TO FINANCE DEAL WITH ABOUT $1.6 BILLION OF CASH FROM COMBINED COMPANY BALANCE SHEETS, AMONG OTHERS

* ‍PLANS TO FINANCE DEAL ALSO WITH ABOUT $3.0 BILLION FROM MICROCHIP'S EXISTING LINE OF CREDIT

* ‍PLANS TO FINANCE DEAL ALSO WITH ABOUT $5.0 BILLION IN NEW DEBT AND $0.6 BILLION OF A CASH BRIDGE LOAN​ Source text for Eikon: Further company coverage:

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