Advised GloNav, a fabless semiconductor GPS solutions company, on its acquisition by NXP Semiconductors

We are pleased to announce that Arma Partners has acted as exclusive financial advisor to GloNav Inc., a leading US-based fabless semiconductor company developing single-chip solutions for Global Positioning Systems (GPS), on its acquisition by NXP Semiconductors, announced on December 21, 2007. The total deal value of $110 million consists of $85 million in cash at closing plus up to $25 million in cash contingent upon GloNav reaching certain revenue and product development milestones over the next two years. The transaction is expected to close in the first quarter of 2008, subject to regulatory approvals.

GloNav is a fabless semiconductor company developing GPS and other satellite navigation technologies and products. The company is headquartered in Newport Beach, California, with offices in Dublin, Ireland, Daventry, United Kingdom and Taipei, Taiwan. GloNav has the longest heritage of GPS technology in the semiconductor industry and leverages this into the highest-sensitivity, lowest-power and fastest time-to-first-fix (TTFF) semiconductor solutions available for the wireless handset and mobile consumer electronics device markets. GloNav was established by Atlantic Bridge Ventures (AbVen) in 2006 through the spin-out of CEVA Inc.’s (NASDAQ: CEVA) GPS business and merger with RFDomus Inc. The transaction will deliver an exceptional return to GloNav’s shareholders, which include AbVen, CEVA and GloNav management and employees.

NXP is a top 10 semiconductor company founded by Philips 50 years ago and spun off as a separate business in 2006. Headquartered in Europe, the company has 37,000 employees working in more than 20 countries and posted sales of €5 billion in 2006.

This transaction is Arma Partners’ second deal in the wireless semiconductor space in 2007 following on from advising NordNav Technologies AB on its acquisition by CSR plc for $75m.