17th May 2005 15:41
HG Capital Trust PLC17 May 2005 The following is the text from a press release issued by HgCapital, whichmanages the investment portfolio of HgCapital Trust plc alongside those of otherclients. The trust, which participates in all of HgCapital's investments, willinvest $10.5 million in SiTel Semiconductor BV. HgCapital agrees to acquire National Semiconductor's Cordless Business Unit. HgCapital's third investment in The Netherlands in three years. London, 17 May 2005. HgCapital, the leading sector-focused European mid-marketprivate equity investor, has agreed to acquire the digital cordless businessunit of National Semiconductor Corporation. The sale is expected to complete inJuly 2005. The newly independent company, to be known as SiTel SemiconductorBV, will design and sell chips to OEMs in the digital short-range wirelesscommunications market, across a range of end-user applications. The acquisitionrepresents HgCapital's third investment in The Netherlands. The new company has agreed to acquire the intellectual property and assets ofthe business. Its engineering design team creates system products targetedprimarily for the home wireless voice and data applications market. Theseproducts include baseband and radio transceivers for cordless DECT (digitalenhanced cordless telephony) and VoIP (voice over internet protocol) telephonesand basestations as well as cordless gamepads and cordless voice modules. Thecompany will employ approximately 70 engineers, all of whom are based in 's-Hertogenbosch and Hengelo, in The Netherlands. National's OEM customers in the cordless market currently include the world'sleading manufacturers of cordless systems. Commenting on the pending acquisition, Alex Shivananda of HgCapital, said: "Weare acquiring key assets in an exciting segment of short-range wireless homecommunications and networking in a growing international market. The cordlessbusiness unit's leading-edge technology expertise and IPR is very strong and wehave an excellent team based in The Netherlands. The business also has a strongproduct line that generates approximately 5 percent of National Semiconductor'sannual sales. We are fully supportive of the management team's strategy forexpansion which involves continued growth across multiple applications andbroadening its international customer base." Asmund Tielens, managing director of the future SiTel, said: "HgCapital'sinvestment will enable SiTel to focus its resources in the high-volume cordlessvoice applications market. SiTel's solutions are exceptional in that theycombine high integration and suitability to multimarket segments. Our team isexcited about the opportunities available to us in becoming an independentcompany, which will translate into greater dedication and flexibility indelivering superior customer solutions and profitable growth." Deloitte Corporate Finance acted as lead corporate finance adviser and Lovellsas legal adviser to HgCapital on this transaction. - ends - For further information contact: HgCapital Alexander Shivananda +44 (0)20 7089 7951 [email protected] SiTel Semiconductor Asmund Tielens +31 (0)73 6408447 Holborn John Bick +44 (0)20 7929 5599 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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