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Ericsson to acquire Nasdaq-listed Microwave Power Devices
Posted: 13-Oct-2000 [Source: Ericsson press release]

[Ericsson gains ground in opportunity to develop 3G products with latest acquisition.]

Systems supplier for 3G Ericsson (Nasdaq: ERICY) and Microwave Power Devices, Inc. (Nasdaq: MPDI) today announced that they had signed a final agreement whereby Ericsson will acquire MPD at a price of USD 8.70 per MPD share for a total amount of approximately 100 million USD.

Within ten business days, Ericsson will commence a cash tender offer for all of the outstanding MPD shares. The Board of Directors of MPD has unanimously approved the agreement. The transaction is conditioned upon termination of the antitrust waiting periods in the US and other countries, as well as on other customary conditions. The holders of over 50 percent of MPD's shares have agreed to tender their shares into the Ericsson tender offer.

MPD is a market leader in the design and manufacture of radio frequency and microwave linear high power amplifier products. Its strong competence in this area is important for the development of products for 3G.

"MPD's technical expertise, volume production experience and commitment to quality will further strengthen Ericsson's position as the leading infrastructure supplier to the variety of needs from wireless operators," said Mats Dahlin, Executive Vice President of Ericsson, head of Division Mobile Systems.

"We are pleased to join forces with Ericsson. In addition to the opportunity this offers to our customers and employees, we are convinced that this transaction is in the best interest of our shareholders. Ericsson is a world leader in wireless technology, and we look forward to serving our customers with our enhanced capabilities," said Al Weber, CEO of MPD.

Radio base stations in mobile systems are going through a continuous development. One of the major technology steps is the introduction of Multi Carrier Power Amplifiers (MCPA), as opposed to traditional combiners. These amplifiers are vital building blocks in the third generation mobile radio systems.


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