Analog Devices buying Hittite Microwave for $2B

The all-cash deal equates to $78 per share for Hittite Microwave (HITT), a 28.8% premium to the stock's Friday close.

Analog (ADI) will fund the purchase through a combination of cash on hand and short-term debt. The deal is expected to be accretive to non-GAAP EPS, and Analog reaffirms FY14 guidance of EPS in the $0.60-$0.64 range on a 1-5% boost in revenue.

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