Deals
Skyworks Agrees to Buy PMC-Sierra for $2 Billion in Cash
- More than $83 billion in chip purchases announced in past year
- Skyworks to fund deal from existing cash, new debt financing
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Skyworks Solutions Inc., agreed to buy PMC-Sierra Inc. for $2 billion in cash, marking the second multibillion-dollar chip merger announced in the past month.
PMC shareholders will get $10.50 a share, a 37 percent premium to Monday’s close of $7.69 on the Nasdaq. The deal will add 75 cents a share to Skyworks’ earnings on an annual non-GAAP basis, it said in a statement.