Yesterday National Semiconductor and Texas Instruments announced that we have entered into a definitive agreement under which TI will acquire National. Attached is the press release we issued (View here), which has more detailed information, but I wanted to take this opportunity to tell you about the news directly and what it means for you as our valued customer.
This deal is a vote of confidence for our world-class products and our highly skilled team, and reflects the leadership position we have built in power management technology and other areas. It goes without saying that TI is a first-rate global company, and most importantly, they share our commitment to providing quality products and exceptional service to customers. We think you'll find that our product portfolios are exceptionally complementary. Moreover, through this transaction, we will become part of a larger, dynamic organization, which means that this business combination will allow us to deliver additional value to you through a comprehensive portfolio of analog product offerings, expanded manufacturing capacity, and continued excellence in supply chain and support.
While we are very excited about today's news, this announcement is just the first step in the process. We must obtain regulatory approvals and National shareholder approval, and we expect that the transaction will take six to nine months to close. Until that time, we will continue to operate as independent companies, and for us, it is business as usual at National. We remain focused, as we always have, on execution and results, and will continue to deliver the high-quality products and excellent support levels that you have come to expect from us.
We'll stay in touch as future developments take place, and we look forward to continuing to serve you.
Please do not hesitate to contact your National account manager with any questions.
Best regards,
Don Macleod
Chairman and Chief Executive Officer