Semiconductor manufacturer Microsemi Corp. closed its acquisition of Vitesse Semiconductor Corp. on Tuesday in a deal valued at $389 million.
The purchase of Vitesse, in Camarillo, by the Aliso Viejo company is being driven by the growth of the “Internet of Things,” or the wireless connection between devices in both industrial and consumer applications.
Vitesse, with about 350 employees, makes semiconductors optimized for such connections, while Microsemi supplies integrated circuits to telecommunications, defense, security, aerospace and industrial markets. The company has more than 3,000 employees.
The merger is expected to bring $20 million of cost savings on an annual basis, resulting in earnings-per-share growth of 16 cents to 20 cents in fiscal year ending Sept. 30, 2016.
Shares of Vitesse stopped trading on Monday at $5.28. Shares of Microsemi closed up 32 cents, or nearly 1 percent, to $33.33 on the Nasdaq.
Albertsons Inc. has sold the 10-acre Quartz Hill Plaza in Palmdale for $13.6 million to a Scottsdale real estate investment trust, according to real estate data provider CoStar Group Inc.
The 51,000-square-foot Quartz Hill Plaza, at 5022-5038 W. Avenue N, houses an Albertsons and three smaller tenants. The buyer was Spirit Realty Capital, which purchased a three-property portfolio from Albertsons for a total of $33.4 million. The other two properties are located in Oregon.
The sale comes as a result of last year’s $7.6 billion merger of Boise, Idaho-based Albertsons and Pleasanton-based Safeway Inc. by New York private equity firm Cerberus Capital Management.
To win approval for the deal from the Federal Trade Commission, Cerberus agreed to sell more than 250 stores owned by Albertsons and Safeway, which operates Vons and Pavilions stores.
PS Business Parks reported funds from operations of $39 million ($1.13 a share) for the first quarter ended March 31. That figure was down from $41.1 million ($1.20) for the same period a year earlier.
The Glendale real estate investment trust, which specializes in commercial properties, said the decrease in funds from operation resulted from asset dispositions and an increase in expenses related to the company’s senior management long-term equity incentive plan.
Funds from operation, which takes net income and adds back items such as depreciation and amortization, is a key metric in the REIT industry.
The company announced results after market close. Shares closed up 32 cents, or less than a percent, to $80.13 on the New York Stock Exchange.