Mercury Computer Systems (MRCY) to Acquire Micronetics (NOIZ) for $14.80/Share

June 11, 2012 6:47 AM EDT Send to a Friend
Mercury Computer Systems, Inc. (Nasdaq: MRCY) has signed a definitive agreement to acquire Micronetics, Inc. (Nasdaq: NOIZ), a leading designer and manufacturer of microwave and radio frequency (RF) subsystems and components for defense and commercial customers.

Pursuant to the terms of the agreement, Mercury will acquire Micronetics via merger for $14.80 per share. This represents a fully diluted equity value of approximately $71.7 million and an enterprise value of approximately $75.4 million, including $3.7 million of net debt as of March 31, 2012. The acquisition will be funded with available cash and is expected to be immediately accretive to EBITDA. Subject to finalization of purchase accounting, the transaction is also anticipated to be accretive on a GAAP basis within 12 months of the closing date.


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