Monday, April 6, 2009

Exar Completes Hifn Buy

Fremont-based Exar Corp. announced late last week that it has finalized its acquisition of hi/fn Inc., a developer of networking and security processors and cards. The deal, which was originally reported Feb. 23, comprises all the outstanding shares of Hifn common stock in exchange for $4.00 in cash or 0.3529 shares of Exar common stock and $1.60 in cash. Al Sisto, Hifn's former chief executive officer and board chairman, has joined Exar’s board of directors, the company noted. Exar also said it plans to relocate Hifn's personnel and operations during the second quarter of this year. Hifn is headquartered in Los Gatos. Both firms supply semiconductors to such customers as Cisco Systems, Hauwei Technologies, Hewlett-Packard, and Alcatel-Lucent.