Altera European Trading Company Limited entered into an asset purchase agreement to acquire TPACK A/S from Applied Micro Circuits Corp. (NasdaqGS:AMCC) for $34 million in cash on April 11, 2013. The purchase price is subject to an adjustment based on TPACK’s working capital balance as of the closing of the transaction. Altera and TPACK have also entered into intellectual property agreement which provides that Altera will receive a fully-paid perpetual license to substantially ... all of TPACK’s intellectual property rights being acquired. As a result of the transaction, the employees currently employed by TPACK will remain TPACK employees and be transferred along with the sale of the TPACK shares. The transaction is subject to required waiting period under any Antitrust Law applicable, execution of ancillary agreement, executed of non-disclosure agreements, execution of support agreement, execution of employment agreement, resignations of all of the members of the Board of Directors of TPACK and other standard closing conditions. The transaction is expected to close later the month of April 2013. James J. Masetti of Pillsbury Winthrop Shaw Pittman LLP acted as legal advisor for Applied Micro Circuits Corporation and Charles C. Comey of Morrison & Foerster LLP acted as legal advisor for Altera.
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