Applications specific standard product (ASSP) chipmaker Diodes Inc. has agreed to acquire Pericom Semiconductor Corp. in an all-cash deal for about $400 million.
Diodes will pay $17.00 per share in cash for the outstanding stock of Pericom, representing about a 40% premium to its closing price. The transaction is expected to close in the fourth quarter of 2015.
Dr. Keh-Shew Lu, president and CEO of Diodes, says in a statement the acquisition of Pericom accelerates Diodes ambition to become a $1 billion company on an annual basis. Lu says Pericom’s portfolio will broaden Diodes’ analog footprint and will add a mixed-signal connectivity line of products to its semiconductor offerings. Pericom also has a line of timing products that Lu says will mesh well with its ASSP devices.
Diodes says it will fund the purchase by drawing down additional capital following a recent $200 million increase to its existing credit facility.
Questions or comments on this story? Contact engineering360editors@ieeeglobalspec.com
