TI Successfully Completes Cash Tender Offer for Condat AG

6/20/2002 - Texas Instruments Incorporated (TI) (NYSE: TXN) announced the completion of its tender offer for Condat AG in Berlin, a developer of wireless communication software and platforms for mobile business applications, at a price of 12 euros per share. TI now owns 98.69 percent of Condat AG stock. TI announced in March its intention to acquire Condat.

TI closed the purchase of the shares held by the founding shareholders of Condat, a prerequisite to closing the tender offer, on June 14. Condat shareholders are expected to approve the remaining piece of the transaction, the sale of the system integration and wireless test systems business units, at a previously announced meeting of shareholders on July 12. Upon the close of the asset sale, these business units will be transferred to Condat Informationssysteme AG (CIS). TI will retain the wireless communications solutions (WCS) business unit, which focuses on the development of wireless protocol stack software for mobile devices.

"TI is gaining unparalleled wireless protocol stack software expertise with this acquisition, especially in GSM/GPRS technology, which will enable TI to offer wireless handset and PDA manufacturers more complete capabilities with our wireless chipset solutions," said Rick Kornfeld, TI vice president and general manager of the company's worldwide wireless chipset business. "This action strengthens TI's overall wireless strategy to bring real-time voice, data and multimedia to wireless handsets and PDAs."

TI's TCS family of wireless chipset solutions includes TI's high-performance, low-power silicon as well as the protocol stack software that can fully leverage the capabilities of TI's comprehensive "antenna to applications" wireless technology portfolio including digital baseband modems and reference designs, OMAPô application processors, analog, RF, GPS and wireless networking technologies.

With this addition of more than 170 employees, TI will add wireless chipset design centers in Berlin, Germany and Edinburgh, Scotland, and strengthen its existing Aalborg, Denmark, wireless chipset design center and its customer support center in Taipei, Taiwan.

Texas Instruments Incorporated provides innovative DSP and analog technologies to meet our customers' real world signal processing requirements. In addition to Semiconductor, the company's businesses include Sensors & Controls, and Educational & Productivity Solutions. TI is headquartered in Dallas, Texas, and has manufacturing, design or sales operations in more than 25 countries.

Trademarks: OMAP is a trademark of Texas Instruments.

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