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Analog Devices Completes Sale of Microphone Product Line to InvenSense

  Analog Devices Completes Sale of Microphone Product Line to InvenSense

Business Wire

NORWOOD, Mass. -- November 1, 2013

Analog Devices, Inc. (NASDAQ: ADI) today announced that it has completed the
previously-announced sale of the assets of its microphone product line to
InvenSense, Inc. (NYSE: INVN). The total cash consideration of $100 million
paid to ADI includes the purchase price for the acquired assets related to
analog and digital output microphones, as well as certain support operations.
ADI will record a one-time gain in the fourth quarter of fiscal year 2013
related to this transaction.

The divestiture allows ADI to further focus on high performance inertial
sensors to serve the high growth opportunities in automotive, industrial, and
healthcare applications.

Additional amounts will be payable to ADI over the next twelve months upon the
achievement of certain revenue milestones by InvenSense based on microphone
sales.

About Analog Devices

Innovation, performance, and excellence are the cultural pillars on which
Analog Devices has built one of the longest standing, highest growth companies
within the technology sector. Acknowledged industry-wide as the world leader
in data conversion and signal conditioning technology, Analog Devices serves
over 60,000 customers, representing virtually all types of electronic
equipment. Analog Devices is headquartered in Norwood, Massachusetts, with
design and manufacturing facilities throughout the world. Analog Devices'
common stock is included in the S&P 500 Index.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements address a variety of subjects including, for example: the potential
payment to ADI of additional amounts based on revenue from sales by InvenSense
of microphones; the expected benefits of the transaction to ADI; and ADI’s
future business strategy. Statements that are not historical facts, including
statements about beliefs and expectations, are forward-looking statements.
Such statements are based on current expectations and are subject to a number
of factors and uncertainties which could cause actual results to differ
materially from those described in the forward-looking statements. The
following important factors and uncertainties, among others, could cause
actual results to differ materially from those described in these
forward-looking statements: ADI may not receive all or any part of the
additional consideration; the transaction may involve unexpected costs,
thereby reducing the net proceeds to ADI; the expected benefits of the
transaction may not be achieved in a timely manner, or at all; and disruption
from the transaction may adversely affect relationships with customers,
suppliers or employees. For detailed information about factors that could
cause ADI’s actual results to differ materially from those described in the
forward-looking statements, please refer to ADI’s filings with the Securities
and Exchange Commission, including ADI’s most recent Quarterly Report on Form
10-Q. Forward-looking statements represent management’s current expectations
and are inherently uncertain. We do not undertake any obligation to update
forward-looking statements made by us.

Contact:

Investors Contact:
Analog Devices, Inc.
Ali Husain, 781-461-3282
investor.relations@analog.com
 
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