Semtech Corporation And Sierra Wireless Receive Second Requests From DOJ Under Hart-Scott-Rodino Act

Semtech Corporation (NASDAQ:SMTC) and Sierra Wireless, Inc. (NASDAQ:SWIR) (TSX:SW) today announced that each company has received a request for additional information and documentary material (commonly known as a "second request") from the U.S. Department of Justice (the "DOJ") in connection with Semtech's previously announced acquisition of Sierra Wireless. The second requests were issued under notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act").

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Issuance of the second requests extends the waiting period under the HSR Act until 30 days after Semtech and Sierra Wireless have substantially complied with the second requests, unless that period is extended voluntarily by the parties or otherwise terminated by the DOJ. Semtech and Sierra Wireless believe the transaction will benefit customers of both companies and are cooperating fully with the DOJ in order to facilitate its review. Semtech and Sierra Wireless look forward to continuing to work with the DOJ to resolve their open questions and bring their review to a close.

Of further note, Semtech received a no action letter from the Canadian Competition Bureau on October 3, 2022, satisfying the Competition Act Approval condition to closing.

The parties are working to close the transaction as expeditiously as possible, within the timeframe initially provided under the arrangement agreement, which (inclusive of extensions) ends no later than March 3, 2023, unless extended further by mutual agreement of the parties.