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We propose a closed-form analytic model for the newly presented passive equalizer using near-end crosstalk and reflections on printed circuit board (PCB). The proposed model is developed by using impulse response analysis and the Fourier transform. Based on the model, we propose a design-optimization procedure for the passive equalizer, which achieves eye-opening maximization and ISI minimization in order to maximize the equalization performance and reduce the design cycle. In the proposed optimization procedure, the eye-opening is maximized with a parameter sweep and peak distortion analysis, and the ISI is minimized by the proposed negative ISI cancellation technique. The proposed model and the design-optimization procedure are demonstrated experimentally for a data rate of 16 Gb/s on a 40-cm-long backplane PCB, and they achieve wideband equalization with a significant improvement in the voltage and timing margins of the received serial data.