Analog Devices, Inc. · NASDAQ:ADI
Analog Devices — Merger or Acquisition (June 2014)
15 slides from Analog Devices's merger presentation, Jun 9, 2014
Slide 1: ADI to Acquire Hittite Microwave Corporation
ADI to Acquire Hittite Microwave Corporation June 9, 2014 The World Leader in High Performance Signal Processing Solutions Exhibit 99.1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements, which address a variety of subjects including, for example, the expected timetable for closing of the transaction between ADI and Hittite Microwave Corporation, the expected benefits and synergies of the transaction, i
Slide 3: Today's Announcement
Today’s Announcement ADI signs definitive agreement to acquire Hittite Microwave Corporation Offer price for Hittite of $78.00 per share; Enterprise value of approximately $2.0 billion Expected to be accretive on a non-GAAP basis Expected to close near the end of ADI’s third fiscal quarter, subject
Slide 4: Analog Devices
ANALOG DEVICES
Slide 5: Acquisition of Hittite Advances Our Technology Position
ADI Acquisition of Hittite Advances Our Technology Position Expands Our Market Opportunity Strengthens ADI’s Outstanding Financial Performance Gives ADI the ability to convert the entire frequency spectrum Strengthens ADI position as a strategic supplier Accelerates growth by expanding market in ADI
Slide 6: Hittite Overview
Hittite Overview Decades long focus in high performance RF and microwave technology Extensive product portfolio includes integrated circuits, modules, and subsystem solutions Specializes in technically demanding and mission-critical industrial and communications applications Fabless business model f
Slide 7: ADI + Hittite Combined Capabilities
Radio Wave Microwave Millimeter Wave C O M B I N E D C A P A B I L I T I E S ADI + Hittite Magnetic Resonance Imaging (MRI) Wireless Data, Toll Tags Cellular 2G, 3G, 4G CATV & Cable Modem RFID, Telematics GPS DVB, Satellite Radio WiMAX Wireless LAN Access Points Test Equipment Short Haul SDH / PDH R
Slide 8: Expands Opportunities within Industrial, Communications, and Automotive
Automotive Communications Infrastructure Industrial ADI + Hittite Expands Opportunities within Industrial, Communications, and Automotive Cellular infrastructure Microwave Broadband Fiber Optic Networks Test and Measurement Aerospace Defense Advanced Driver Assistance Systems Strong technology and e
Slide 9: Terms, Consideration and Financing Structure
Terms Consideration Financing Structure Financial Considerations $78.00 in cash Tender offer to be launched in approximately 10 business days ADI will fund transaction with a combination of cash on hand and short-term debt financing Continued commitment to returning cash to shareholders through divi
Slide 10: Key LTM Financial Metrics: Generating Growth, High Profits & Cash Flow
Key LTM Financial Metrics (1) ADI Hittite ADI + Hittite ADI + Hittite Generating Growth, High Profits & Cash Flow $2,675M 65.3% 30.9% $898M 34% $277M 69.6% 38.1% $84M 30% $2,952M 65.7% 31.6% $982M 33% (2) ADI and Hittite operating profits exclude one-time items (3) Calculated as cash flow from opera
Slide 11: Revenue by Market and Product Category: Advances ADI's Strategy
Revenue by Market Revenue by Product Category +39% +11% +25% ADI + Hittite Advances ADI’s Strategy Adds significant revenue growth to ADI’s industrial and communications businesses Approaching $1B in Amplifier/RF revenue through expansion into higher frequency ranges, especially microwave Strengthen
Slide 12: Conclusion
Conclusion Expands ADI’s Position In High Performance Signal Processing Solutions and drives growth in key markets Strong complementary position in RF and microwave applications Allows ADI to provide more complete and differentiated solutions for our customers Expected to be accretive to margins and
Slide 13: Q&A
Q&A
Slide 14: Thank You
Thank You June 9, 2014 The World Leader in High Performance Signal Processing Solutions
Slide 15: Important Additional Information Will Be Filed with the SEC
Important Additional Information Will Be Filed with the Securities and Exchange Commission This presentation is neither an offer to purchase nor a solicitation of an offer to sell shares of Hittite Microwave Corporation. At the time the tender offer is commenced, ADI will file with the Securities an