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Cirrus Logic to buy Wolfson Microelectronics

Staff writer ▼ | April 30, 2014
Cirrus Logic, Inc. will acquire Wolfson Microelectronics plc at a price of 2.35 pounds per share in cash, implying an enterprise value of 278 million pounds, or approximately $467 million.
Cirrus Logic
Cirrus LogicCirrus Logic, Inc. will acquire Wolfson Microelectronics plc at a price of 2.35 pounds per share in cash, implying an enterprise value of 278 million pounds, or approximately $467 million.


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 $225 million in debt funding.

The acquisition is expected to be completed in the second half of 2014. Cirrus Logic expects the acquisition to be accretive to non-GAAP earnings per share in the first full quarter after the transaction closes (excluding the impact of one-time integration and acquisition related costs). The transaction is subject to regulatory approvals and the approval of Wolfson shareholders.


 

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