Notable Mergers and Acquisitions of the Day 06/18: (SWIR) (BIDU) (AUY)/(XG) (QCOM)

• Sierra Wireless (Nasdaq: SWIR) has entered into an exclusivity agreement for the acquisition of Sagemcom’s machine-to-machine (M2M) business. Sierra Wireless has submitted a binding offer to acquire substantially all of the assets of the business for €44.9 million in cash consideration plus assumed liabilities.
  
  The proposed acquisition remains subject to completion of the consultation process with employee representatives. This process is expected to commence immediately and, when complete, Sagemcom will be able to enter into a definitive agreement with Sierra Wireless.
  
  The companies expect this to occur in Q312.
  
  
• Baidu (Nasdaq: BIDU) said to be looking for a minority stake in UCWeb, a leading Internet browser provider in China.
  
  Reports out last week had a $400 million bid shunned by UCWeb. For more color, click here.
  
  
• Yamana Gold, Inc. (NYSE: AUY) has entered into a definitive agreement (the "Agreement") with Extorre Gold Mines Limited (AMEX: XG) whereby Yamana will acquire all of the issued and outstanding common shares of Extorre.
  
  Extorre is a mining company with exploration and development stage precious metals projects, the most advanced of which is its Cerro Moro project, a high grade, gold silver deposit with approximately 1.36 million ounces of gold equivalent indicated mineral resources and 1.05 million ounces of gold equivalent inferred mineral resources, located in the province of Santa Cruz in Argentina.
  
  Under the terms of the Agreement, each Extorre shareholder will receive $4.26 per share comprised of $3.50 in cash and 0.0467 of a Yamana common share for each Extorre common share held. The offer represents a 54% premium to Extorre's 20-day volume weighted average price ("VWAP") and an 18% premium to the 60-day VWAP for the period ending June 15, 2012. The transaction value, net of cash and on a basic shares outstanding basis, is approximately $395 million, representing approximately 3% of Yamana's pro-forma market capitalization.
  
  
• Qualcomm Incorporated (Nasdaq: QCOM) has acquired Summit Microelectronics (Summit), a leading developer and provider of programmable power integrated circuits based in Sunnyvale, CA. Qualcomm's power management roadmap will be significantly enhanced with the addition of Summit's expertise and products. As a result of the acquisition, Qualcomm will be able to offer a robust portfolio which will address a broader set of customers and complex design challenges. All employees of Summit Microelectronics have joined Qualcomm's CDMA Technologies division.
  
  The demand for more sophisticated battery management is critical in a world of increasingly smart devices with advanced computing capabilities, large high-resolution screens, and advanced modem technologies (e.g. 4G LTE). Summit Microelectronics is a leader in providing flexible, highly integrated power management solutions combining precision power regulation with sophisticated digital control in a single chip. In particular, the Company's fast charging solutions are found in a variety of leading mobile phones, tablets, and e-readers.

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