REG - CML Microsystems PLC - US Government Clearance for MwT Acquisition

CML MicrosystemsAnnouncement

26/09/2023 11:00

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RNS Number : 6982N  CML Microsystems PLC  26 September 2023

26 September 2023

 

CML Microsystems Plc

("CML", the "Company" or the "Group")

US Government Clearance for Microwave Technology, Inc Acquisition

CML, which develops mixed-signal, RF and microwave semiconductors for global
communications markets, is pleased to announce that it has, today, received
formal clearance from the US Government to proceed with the acquisition of
Microwave Technology, Inc. ("MwT"), as first announced on 17 January 2023.

In connection with this process, CML has signed a National Security Agreement
("NSA") with the relevant US government agencies, on behalf of the Committee
on Foreign Investment in the US ("CFIUS"), whereby CML will be required to
implement specific measures to oversee compliance with the NSA.

The Company expects the MwT acquisition to complete during the first week of
October 2023 and will make a further announcement upon completion.

 CML Microsystems Plc

  Tel: +44(0)1621 875 500
 Chris Gurry, Group Managing Director

Nigel Clark, Executive Chairman

 Shore Capital                           Tel: +44(0)20 7408 4090

 Toby Gibbs

 James Thomas

 Lucy Bowden

 Fiona Conroy (Corporate Broking)

 Alma PR                                 Tel: +44 (0)20 3405 0212

 Josh Royston

 Andy Bryant

 Matthew Young

 

About CML Microsystems Plc

CML develops mixed-signal, RF and microwave semiconductors for global
communications markets. The Group utilises a combination of outsourced
manufacturing and in-house testing with trading operations in the UK, Asia and
USA. CML targets sub-segments within Communication markets with strong growth
profiles and high barriers to entry. It has secured a diverse, blue chip
customer base, including some of the world's leading commercial and industrial
product manufacturers.

The spread of its customers and diversity of the product range largely
protects the business from the cyclicality usually associated with the
semiconductor industry. Growth in its end markets is being driven by factors
such as the appetite for data to be transmitted faster and more securely, the
upgrading of telecoms infrastructure around the world and the growing
prevalence of private commercial wireless networks for voice and/or data
communications linked to the industrial internet of things (IIoT).

The Group is cash-generative, has no debt and is dividend paying.

 

 

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