Conexant Systems and GlobespanVirata today announced that they have received the required approval from their respective shareowners to merge the two companies.
The transaction is expected to close by the end of this month to coincide with the Conexant accounting period. The combined company will retain the Conexant name and its stock will continue to trade on the Nasdaq national market under the ticker symbol "CNXT." Under the terms of the merger agreement, GlobespanVirata shareowners will receive 1.198 shares of Conexant common stock for each share of GlobespanVirata stock.
The combined company will have an annual revenue run-rate of approximately $1.2 billion. As previously announced, Dwight W. Decker will be non-executive chairman of the board of the combined company, Armando Geday will serve as chief executive officer, and Matt Rhodes will be president. The combined company will employ approximately 2,400 people worldwide and will be headquartered in Red Bank, New Jersey.