Form 425 MAXIM INTEGRATED PRODUCT Filed by: ANALOG DEVICES INC

developing between the needs of our customers and their capacity to actually do the analog job, the analog job that — that’s the task that sits between the world of the physical and the
world of the digital. What we’re seeing across the globe is that our customers are in more and more need of outside help to be able to engineer the analog. And we’re looking, as I said, over the next 5, 10 years, and believe that as the
destination for the world’s best analog engineers, we’ll be best positioned to solve our customers’ most important problems in our chosen markets in the B2B and selected areas of consumer.

So and the — as I said, Maxim has always been a company we’ve admired, and we’ve also absorbed LT. So we’re 3 years plus into the
integration with LT. So the timing is good. We’ve got the progress that we need on the LTC side, building momentum on our product road maps, converting the opportunities and getting the cultures combined. So it was really that. And sooner is
better because there’s a lot of urgency, I think, to be able to align our product road maps with where our customers are moving over the long term. And certainly, Maxim will help us more with that.

In terms of return, I did mention in my prepared remarks on last week’s earnings call that we view returns, I think you’ve got to look 5 years out
to be able to gauge the success from a return standpoint. ROIC, it takes us 4, 5, 6 years to be able to get the level of revenue growth and be able to capture the synergies in terms of efficiencies across the companies. With LTC, the synergies
where, as I said, will be 4 years in before we’ve captured all the cost synergies. Originally, we had said $150 million in terms of the combined operating and cost of goods synergies, where we’ll actually capture about
$250 million over a 4-year period, and you’ll see the benefit of that coming in 2021 when we finish that process. But I think that’s how you’ve got to look at it, that we focus on the
generation of long-term profitable growth, capturing the synergies that we think are realistic and more natural. And I think that’s how you’ve got to — that’s how you view what we’ve done with Hittite, with LTC and what
we’ll do with Maxim as well. You’ve got to look over kind of a 5-year snapshot here.

[…]

Ambrish Srivastava

BMO Capital Markets Equity
Research, MD of Semiconductor Research & Senior Research Analyst

[D]o you anticipate the Maxim acquisition to provide similar OpEx and COGS
synergy as you did from Linear, and then also a similar revenue synergy? So that’s part one of the question. The second one — the second part is Linear was highly accretive because of the big debt component, why are you using all equity
for Maxim?

Vincent T. Roche

President,
CEO & Director

Yes. So in terms of synergy, we’ve already committed $275 million of synergies across the combined companies. I
believe that’s a very realistic target. And that’s what we’re committed to. In terms of revenue, the B2B business of Maxim actually has been growing at kind of 4%, 5%