29/04/2014

Cirrus Logic To Acquire Wolfson Electronics

Cirrus Logic and Wolfson Microelectronics have announced the terms of a recommended transaction under which Cirrus Logic would acquire Wolfson at a price of £2.35 per share in cash, implying an enterprise value of £278m, or approximately $467m.

The transaction, if approved, is expected to strengthen Cirrus Logic's ability to expand its customer base with highly differentiated, end-to-end audio solutions for portable audio applications. The transaction will be financed by a combination of existing cash on Cirrus Logic's balance sheet and $225m in debt funding.

"Wolfson has a rich history of audio innovation, a broad catalog of audio products and a first class customer list," said Jason Rhode, Cirrus Logic President and Chief Executive Officer. "This acquisition strengthens Cirrus Logic's core business as a leader in audio signal processing components, enhances our ability to differentiate our products with software, and adds new product categories such as MEMS microphones to our portfolio."

The acquisition is expected to be completed in the second half of 2014.

(CD/JP)

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