- Microchip, which targets a broad range of industries with its offerings, said it will pay $68.78 per share in cash to acquire Microsemi, which is one of the largest suppliers of computer chips to the aerospace and defense industries. The announcement follows a previously unconfirmed report that Microsemi had hired the services of investment bank Qatalyst Partners to help it look for potential buyers, after receiving an offer from an unnamed firm.
- The acquisition will give Microchip a solid foothold in those industries, which currently make up just 2 percent of its annual sales.
- Microchip Chairman and Chief Executive Officer Steve Sanghi told the Wall Street Journal that the deal represents an “opportunity to cross-sell our chips into end markets where they’re strong and vice versa.” He added that the acquisition brings together “two of the strongest business franchises in our industry that are highly complementary and will deliver significant value for shareholders and customers.”
Mike Wheatley / SiliconANGLE - 1 year ago