Mergers and Acquisitions

9 Months Ended

Mar. 28, 2015

Mergers and Acquisitions

Mergers and Acquisitions

Note 5. Mergers and Acquisitions

Holdback Payments Related to Fiscal 2014 Acquisitions

On December 10, 2013 (“Trendium Closing Date”), the Company acquired certain technology and other assets from Trendium Inc (“Trendium”), a privately-held U.S. company, for a purchase price of $26.1 million in cash, including a holdback payment of approximately $2.5 million which was reserved for potential breaches of representations and warranties. During the second quarter of fiscal 2015, the Company made the $2.5 million holdback payment following the one-year anniversary of the Trendium Closing Date. The payment is classified as a financing activity within the Consolidated Statements of Cash Flows.

On January 6, 2014 (“Network Instruments Closing Date”), the Company completed the acquisition of Network Instruments, LLC (“Network Instruments”) a privately-held U.S. company, for $208.5 million in cash, subject to final cash and working capital adjustments, including holdback payments of approximately $20.0 million which were reserved for potential breaches of representations and warranties. During the first quarter of fiscal 2015, the Company made the required six-month $9.8 million holdback payment, net of working capital adjustments. During the third quarter of fiscal 2015, the Company made the final holdback payment of $9.9 million, net of working capital adjustments, following the one-year anniversary of the Network Instruments Closing Date. The payments are classified as a financing activity within the Consolidated Statements of Cash Flows.