高度互补的产品组合打造行业最全面的高性能模拟方案
工程人才、科学技术和应用经验的独特结合为客户缔造无可比拟的创新和支持伙伴
一流的财务模式拥有强大的自由现金流能力 -- ADI公司非一般公认会计原则 (non-GAAP) 计算的每股收益和自由现金流期望获得立即增长
北京2016年7月28日电 /美通社/ -- ADI 公司（NASDAQ:ADI）（“Analog Devices”）和凌力尔特公司（NASDAQ:LLTC） （“Linear Technology”）于美东时间7月26日宣布双方已达成最终协议，ADI 公司以现金和股票交易方式收购凌力尔特公司，合并后公司总市值约为300亿美元(1)。收购完成之后，ADI 公司将成为全球首要的领先模拟技术公司，预计年度收入近50亿美元。
ADI公司收购凌力尔特 开创全球首要的领先模拟技术公司
根据协议条款，交易结束后，持有凌力尔特公司普通股的股东，每股可兑换46美元现金和0.2321股 ADI 公司普通股。在本次交易中，凌力尔特公司股份估价为每股约60美元(1)，这表示凌力尔特公司的股权价值约为148亿美元(1)。
ADI 公司总裁兼首席执行官 Vincent Roche 表示：“ADI 公司和凌力尔特公司的合并将半导体行业最强的两个业务和技术公司联合起来。我们共同专注于卓越的工程设计，将高度互补的行业领先产品进行组合，有利于解决客户在真实世界和数字世界交融时面临的最难、最复杂的挑战。我们为工业、汽车和通讯基础设施的客户创设一个无可比拟的创新和支持伙伴。此次收购对我们的客户、员工和行业意义深远，我对此感到非常激动。”
凌力尔特公司执行主席兼联合创始人 Bob Swanson 补充：“35年以来，凌力尔特公司通过有机式的业务增长，取得了巨大成功。然而，凌力尔特和 ADI 的合并潜力无限，有希望真正达到一加一大于二的效果。因此，凌力尔特公司董事会认为这次交易极具吸引力，可以带给股东切实的利益，合并后公司股票也有望升值。ADI 公司声名远播。技术优势的互补结合给了我们较好的机会，可以借此增强我们在模拟和功率半导体市场上的领导力，增加股东权益。凌力尔特和 ADI 将共同推进技术发展，向全球客户提供创新的模拟解决方案。我们致力于携手 ADI 团队，确保平稳过渡。”
引人注目的战略和财务效益
- 全球高性能模拟行业领导者：此次合并有望创造一个全球高性能模拟行业的领导者，产品涉及数据转换器、电源管理、放大器、接口、RF 和微波产品等。
- 高度互补的业务：高度互补的产品组合缔造行业内最全面的高性能模拟方案，ADI 公司的目标市场总额也从80亿美元增长到140亿美元。
- 领先地位及对客户的承诺：合并后公司将在各大高性能模拟产品类别中成为领导者，并共同致力于为客户提供最高水准的创新、服务和支持。
- 在具有吸引力的市场中加速创新进程和收入增长：卓越的工程经验和专业知识的独特结合将加快工业、汽车和通讯基础设施市场中创新进程和收入增长的机遇。
- 一流的财务模式：创新和卓越工程经验的价值体现在一流的财务模式、非一般公认会计原则计算的利润和自由现金流。
- 增值性交易：此次交易有望让 ADI 公司非一般公认会计原则计算的每股收益和自由现金流立刻获得增长。ADI 公司预计在交易结束后18个月内达到年度成本协同效益1.5亿美元。
Roche 先生总结表示：“我们对凌力尔特品牌抱有最大诚意的尊重和赞赏。毫无疑问，我们两家公司的结合将会缔造值得信赖的行业领导者，为双方的股东创造出巨大价值。”
交易结束后，ADI 公司总裁兼首席执行官 Roche 先生将继续担任合并后的公司总裁兼首席执行官，ADI 公司高级副总裁和首席财务官 David Zinsner 将继续担任合并后的公司高级副总裁和首席财务官。ADI 公司和凌力尔特公司计划为合并后的公司打造一支强大的领导团队，涵盖两家公司各个职能部门的代表。凌力尔特品牌将继续作为 ADI 公司电源管理产品的品牌。合并公司将沿用 Analog Devices, Inc. 的名字并继续在纳斯达克以 ADI 作为代码进行交易。
交易结构和交易条款
根据协议条款，交易完成时，持有凌力尔特公司普通股的股东，每股可兑换46美元现金和0.2321股 ADI 公司普通股。在本次交易中，凌力尔特公司股份估价为每股约60美元(1)，这表示凌力尔特公司的股权价值约为148亿美元(1)。交易结束后，凌力尔特公司股东将拥有合并公司约16%的完全稀释股数。
ADI 公司计划通过以下方式为本次交易筹资：约5800万股 ADI 公司新普通股、约73亿美元新型长期债务以及合并公司资产负债表现金的剩余部分。新型长期债务由全额包销的过渡性贷款承诺承担，预计包括定期贷款和债券，尤其是预付债务，以便快速减债。
两家公司的董事会已一致批准本次交易。本次交易预计将在2017年上半年末完成，需要通过各司法管辖监管部门的批准以及凌力尔特公司股东的批准，还需要满足其他例定成交条件。
ADI公司财务预报
ADI 公司同时缩小范围并提高了2016财年第三季度的财务预报，营收预计约为8.65亿美元，每股稀释收益为0.71至0.72美元，非一般公认会计原则每股稀释收益预计为0.77至0.78美元。非一般公认会计原则每股收益预估反映了摊销购买无形资产和已购固定资产强化价值贬值的预期调整，资产价值总计1900万美元。
顾问
瑞信是 ADI 公司的全权财务顾问，Wachtell、Lipton、Rosen & Katz 律师事务所以及威凯平和而德律师事务所为其法律顾问。摩根大通、美银美林和瑞信为本次融资交易提供债务承诺。Qatalyst Partners 是凌力尔特公司的全权财务顾问，Jones Day 为其法律顾问。
电话会议和直播信息
ADI 公司和凌力尔特公司管理层将已于美国东部时间2016年7月26日下午5:00召开电话会议，讨论交易细节。
会议将提供回放（资料开放两周），届时可拨打（855）859-2056（仅限回放）并提供会议ID：56173988，也可访问 investor.analog.com，以获得回放资料。
关于ADI公司
Analog Devices, Inc.（简称ADI）始终致力于设计与制造先进的半导体产品和优秀解决方案，凭借杰出的检测、测量和连接技术，搭建连接现实世界和数字世界的智能化桥梁，从而帮助客户重新认识周围的世界。详情请浏览 ADI 官网 。
关于凌力尔特公司
凌力尔特公司（Linear Technology）是S&P 500 指数的成员，在过往的30 多年，一直致力于为全球主要的公司设计、制造和销售门类宽泛的高性能模拟集成电路。凌力尔特的产品为我们身处的模拟世界与数字化电子建立起不可或缺的桥梁，应用范围包括通信、网络、工业、汽车、计算机、医疗、仪表、消费、以及军事和航天系统等领域。凌力尔特制造的产品包括电源管理、数据转换、信号调理、RF 和接口IC、μModule®子系统、以及无线传感器网络产品。如需更多信息，请登录 http://www.linear.com.cn。
注：
(1)截至2016年7月21日，彭博显示的 ADI 公司5日成交量加权平均价为60.3215美元。
Forward Looking Statements
This press release contains forward-looking statements, which address a variety of subjects including, for example, the expected timetable for closing of the transaction between Analog Devices, Inc. (“Analog Devices”) and Linear Technology Corporation (“Linear Technology”), the expected benefits and synergies of the transaction, including the effect of the transaction on Analog Devices’ revenues, non-GAAP earnings, free cash flow, capital returns and expected growth rates of the combined companies, Analog Devices’ expected product offerings, product development, marketing position and technical advances resulting from the transaction, the availability of debt financing for the transaction, Analog Devices’ timing and ability to repay the debt and Analog Devices’ guidance for its third quarter of fiscal 2016. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the ability to satisfy the conditions to closing of the proposed transaction, on the expected timing or at all; the ability to obtain required regulatory approvals for the proposed transaction, on the expected timing or at all, including the potential for regulatory authorities to require divestitures in connection with the proposed transaction; the occurrence of any event that could give rise to the termination of the merger agreement; the risk of stockholder litigation relating to the proposed transaction, including resulting expense or delay; higher than expected or unexpected costs associated with or relating to the transaction; the risk that expected benefits, synergies and growth prospects of the transaction may not be achieved in a timely manner, or at all; the risk that Linear Technology’s business may not be successfully integrated with Analog Devices’ following the closing; the risk that Analog Devices and Linear Technology will be unable to retain and hire key personnel; and the risk that disruption from the transaction may adversely affect Linear Technology’s or Analog Devices’ business and relationships with their customers, suppliers or employees. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to both Analog Devices’ and Linear Technology’s filings with the Securities and Exchange Commission (“SEC”), including the risk factors contained in each of Analog Devices’ and Linear Technology’s most recent Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.
Important Additional Information Will Be Filed With The SEC
In connection with the proposed transaction, Analog Devices and Linear Technology intend to file relevant information with the SEC, including a registration statement of Analog Devices on Form S-4 (the “registration statement”) that will include a prospectus of Analog Devices and a proxy statement of Linear Technology (the “proxy statement/prospectus”). INVESTORS AND SECURITY HOLDERS OF LINEAR TECHNOLOGY ARE URGED TO CAREFULLY READ THE ENTIRE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANALOG DEVICES, LINEAR TECHNOLOGY AND THE PROPOSED TRANSACTION. A definitive proxy statement/prospectus will be sent to Linear Technology’s shareholders. The registration statement, proxy statement/prospectus and other documents filed by Analog Devices with the SEC may be obtained free of charge at Analog Devices’ website at or at the SEC’s website at . These documents may also be obtained free of charge from Analog Devices by requesting them by mail at Analog Devices, Inc., One Technology Way, P.O. Box 9106, Norwood, MA 02062-9106, Attention: Investor Relations, or by telephone at (781) 461-3282. The documents filed by Linear Technology with the SEC may be obtained free of charge at Linear Technology’s website at or at the SEC’s website at . These documents may also be obtained free of charge from Linear Technology by requesting them by mail at Linear Technology Corporation, 1630 McCarthy Blvd., Milpitas, CA, 95035-7417, Attention: Investor Relations, or by telephone at (408) 432-2407.
Participants in the Solicitation
Linear Technology, Analog Devices and certain of their directors, executive officers and employees may be deemed participants in the solicitation of proxies from Linear Technology shareholders in connection with the proposed transaction. Information regarding the persons who may be deemed to be participants in the solicitation of Linear Technology shareholders in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus when it is filed with the SEC. Information about the directors and executive officers of Analog Devices and their ownership of Analog Devices’ common stock is set forth in the definitive proxy statement for the Analog Devices’ 2016 annual meeting of shareholders, as previously filed with the SEC on January 28, 2016. Information about the directors and executive officers of Linear Technology and their ownership of Linear Technology common stock is set forth in the definitive proxy statement for Linear Technology’s 2015 annual meeting of shareholders, as previously filed with the SEC on September 17, 2015. Free copies of these documents may be obtained as described in the paragraphs above.
Non-Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
