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ADI > SEC Filings for ADI > Form 8-K on 15-Oct-2013All Recent SEC Filings

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Other Events, Financial Statements and Exhibits

Item 8.01. Other Events.

On October 14, 2013, Analog Devices, Inc. ("ADI") entered into a Master Asset Purchase and Sale Agreement with InvenSense, Inc. and its subsidiary InvenSense International, Inc. (collectively, "InvenSense"), pursuant to which ADI agreed to sell or license to InvenSense the assets and intellectual property related to ADI's microphone product line. The product line to be sold consists of analog and digital output microphones, and related support operations, primarily used in consumer applications. InvenSense will pay consideration to ADI of $100 million in cash at closing, plus potential additional amounts upon achievement over 12 months of certain revenue milestones by InvenSense.

The Master Asset Purchase and Sale Agreement contains customary representations and warranties, covenants, conditions and post-closing indemnities. Following the closing of the transaction, ADI will be subject to certain non-competition covenants related to the activities of the product line being sold for a three-year period. ADI has also agreed to provide InvenSense with various transition services following the closing of the transaction.

The closing of the transaction is subject to the satisfaction of customary closing conditions.

A copy of the press release issued by ADI on October 14, 2013 concerning the foregoing transaction is filed herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit No. Description

99.1 Press Release, dated October 14, 2013

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