Alpha and Conexant Announce Plan to Close Skyworks Merger Today
WOBURN, Mass. and NEWPORT BEACH, Calif.--(BUSINESS WIRE)--June 25, 2002--Alpha Industries, Inc. (Nasdaq: AHAA - News) and Conexant Systems, Inc. (Nasdaq: CNXT - News) announced today that they have filed the requisite documents in the state of Delaware to effect the merger between Alpha and the wireless communications business of Conexant, creating Skyworks Solutions, Inc. The merger is expected to become effective after the close of business today. Skyworks' common stock will begin trading tomorrow morning on the Nasdaq Stock Market under the ticker symbol "SWKS."
Under the terms of the transaction, Conexant shareholders of record as of June 25, 2002 will be entitled to receive 0.351 of a share in the combined company and will continue to hold their existing Conexant shares. Alpha shareholders will continue to hold their existing Alpha shares as shares in the combined company.
Skyworks is scheduled to preside at the opening of the Nasdaq Stock Market on Wednesday, June 26, 2002 at 9:30 a.m. Eastern Time (ET). The company will host an analyst briefing from 10:00 a.m. to noon ET. Scheduled to speak will be Skyworks' Chief Executive Officer David J. Aldrich and other members of the senior management team.
Skyworks invites all interested parties to listen and view a live webcast of the company's presentation via the Investor Relations section of Skyworks' website at www.skyworksinc.com or on www.companyboardroom.com. Replays will be available until 5:00 p.m. ET on Wednesday, July 3, 2002.
Safe Harbor Statement
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those detailed from time to time in Conexant's and Alpha's Securities and Exchange Commission filings. Such risks and uncertainties include difficulties in integrating Conexant's wireless communications business and Alpha's business.
Alpha Industries produces highly integrated RF semiconductor solutions for enhancing the speed, quality and performance of wireless voice, data and video communications. Alpha's GaAs switches, power amplifiers and discrete semiconductors have become reference products for many of the world's largest manufacturers of wireless handsets, mobile data devices, wireless infrastructure and broadband access platforms. Alpha's strategy is to leverage its industry-leading process breadth, which includes GaAs PHEMT, HBT, InGaP and associated RF process technologies, into increasing levels of component integration. As a result, Alpha is winning new business for its growing line of integrated RF module solutions, which reduce design complexity and improve the OEM's time to market for new products. For more information, please visit Alpha's web site, www.alphaind.com.
Conexant Systems, Inc. is a worldwide leader in semiconductor system solutions for communications applications. Conexant leverages its expertise in mixed-signal processing to deliver integrated systems and semiconductor products through three separate businesses that address the wireless communications, broadband access and Internet infrastructure markets.
Conexant's wireless communications business is focused on providing power amplifiers, radio-frequency subsystems and complete systems solutions. The broadband access business develops and delivers integrated solutions that enable digital entertainment and information networks for the home and small office. Mindspeed Technologies, the company's Internet infrastructure business, designs, develops and sells a complete portfolio of semiconductor networking solutions that facilitate the aggregation, transmission and switching of data, video and voice from the edge of the Internet to linked metropolitan area networks and long-haul networks.
Conexant, headquartered in Newport Beach, Calif., delivered revenues of $1.1 billion for fiscal 2001. The company is a member of the Nasdaq-100 market index. To learn more, visit Conexant at www.conexant.com or www.mindspeed.com.
Skyworks and Skyworks Solutions are trademarks or registered
trademarks of Alpha Industries, Inc. and Conexant Systems, Inc., or
their subsidiaries in the U.S. and in other countries. Conexant and
Mindspeed are trademarks or registered trademarks of Conexant Systems,
Inc. or its subsidiaries in the U.S. and in other countries.
Conexant Lisa Briggs, 949/231-4553 (Editorial) Thomas Schiller, 949/231-4700 (Investor Relations) or Alpha Paul Vincent, 781/935-5150, ext. 4438