Analog Devices Completes Acquisition of Linear Technology

ADI LinearAnalog Devices announced the completion of its acquisition of Linear Technology Corporation on the 10th of March, 2017. The Acquisition of Linear Technologies by ADI was announced in July 2016. The addition of Linear Technologies portfolio gives ADI the one of the most comprehensive suite of high-performance analog offerings.

Robert H. Swanson, former Executive Chairman of Linear Technology, has been elected to the ADI Board of Directors, effective immediately after the closing of the acquisition. Mr. Swanson, a founder of Linear Technology, has served as Executive Chairman of the Linear Technology board of directors since January 2005. Prior to that time, he served as Chairman and Chief Executive Officer of Linear Technology since its incorporation in 1981.

As a result of the acquisition, Linear Technology’s shares of common stock have been delisted from the NASDAQ Global Select Market effective as of the close of trading today.

Contribution from Linear Technology to ADI’s 2nd Fiscal Quarter of 2017

ADI expects Linear Technology to contribute between $160 million to $170 million in revenue to ADI’s second fiscal quarter of 2017. This revenue range includes a reduction of approximately $30 million related to a purchase accounting adjustment for Linear’s North America distributor deferred revenue where revenue is recognized on a sell-through basis, and represents ADI’s current best view of Linear’s business performance through the end of ADI’s second fiscal quarter of 2017.

ADI also expects its non-GAAP interest and other interest expense to be approximately $60 million in the second quarter of fiscal 2017, approximately $70 million in the third quarter of fiscal 2017, and approximately $60 million per quarter thereafter.

In the first full quarter after the combination, ADI expects its weighted average diluted sharecount to be approximately 375 million and for the Company’s non-GAAP tax rate to be approximately 15%.