Atheros Communications, Inc. (ATHR), Tuesday said it has completed the acquisition of Intellon Corp. that was earlier approved by Intellon stockholder on December 11. Intellon's stock is no longer listed on the Nasdaq exchange.
The move is expected to enhance Atheros capability in networking technology portfolio by including Intellon's powerline communications solutions for home networking, networked entertainment, broadband-over-powerline access, Ethernet-over-Coax and smart grid management applications.
Commenting on the acquisition, Craig Barratt, president and chief executive officer of Atheros Communications said, "The addition of powerline technology to Atheros' portfolio of connectivity solutions further enables us to address the growing demand for flexible, high-bandwidth networking in the digital home and low-power, always-connected infrastructure in the emerging smart grid market."
As part of the transaction, Atheros payed $113.6 million in cash for the merger and an aggregate of 5,039,561 shares of Atheros stock, including 633,138 shares subject to assumed options and 190,519 shares subject to assumed restricted stock units (RSUs).
Stockholders of Intellon elected to receive all cash received $7.30 in cash, while others received $3.33 in cash and approximately 0.145 shares of Atheros stock, and those elected to receive a mix of cash and stock received $3.63 in cash and approximately 0.134 shares of Atheros common stock. Atheros has granted 356,000 RSUs to 121 former Intellon employees, as part of the transaction.
Atheros also said about 25% of the RSUs granted will vest on November 24, 2010, and the remaining RSUs will vest in 12 equal quarterly installments of 6.25% each, at the end of each three-month period thereafter.
ATHR closed Monday's regular trading at $32.18, up $0.27 or 0.85%, on a volume of 1.57 million shares.
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