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Inphi to Buy Cortina's Optical Assets

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SANTA CLARA, Calif. -- Inphi Corporation (NYSE: IPHI), a leading provider of high-speed, mixed signal semiconductor solutions for the communications, data center and computing markets, and Cortina Systems, Inc., a leader in network infrastructure for optical transport and high speed networking interconnects, today announced they have entered into a definitive agreement, under which Inphi will acquire Cortina's High-Speed Interconnect and Optical Transport product lines for $52.5 million in cash and $73.5 million in stock.

The acquisition does not include Cortina's Access and Digital Home business, which is currently scheduled to be divested prior to the acquisition close and will continue as an independent company.

Cortina is an established leader in optical transport and networking interconnects with a rich portfolio of products that span 1G to 100G Ethernet and OTN. Cortina's success with these products has been validated with multiple design wins at tier one networking OEMs over the years, making Cortina a market leader in the network infrastructure segment. The acquisition is expected to solidify Inphi's already strong position as a leading-edge supplier of optical and networking interconnect solutions while further extending Inphi's product portfolio for the fast growing enterprise and cloud data center markets.

Inphi's Networking Interconnect products with their leadership in 100G SerDes and CDR, will be complemented with 10G/15G/40G PHY interconnects, thus completing a high growth product portfolio and creating a market leader for high speed networking interconnects. Inphi's Optical Interconnect products with their established leadership in 100G amplifiers and drivers for the transport segment will be further strengthened by Cortina's 10G/40G/100G framer mapper products, creating an industry leader for the optical transport interconnects.

The transaction is expected to close in late September or October subject to approval by the shareholders of Cortina, the receipt of regulatory approvals and other customer closing conditions.

Inphi Corp.

Cortina Systems Inc.

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