Deals
Microchip Agrees to Buy Microsemi for $8.35 Billion
- Deal continues wave of consolidation in chip industry
- Cash offer is 7 percent premium on Microsemi’s closing price
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Microchip Technology Inc., a maker of chips used in cars and computers, said it agreed to buy Microsemi Corp. for about $8.35 billion, continuing a wave of consolidation that’s sweeping through the semiconductor industry.
The Arizona-based chipmaker will pay $68.78 per share in cash, it said Thursday in a statement. That’s a premium of 7 percent on Microsemi’s closing price of $64.30. The deal is subject to approval by Microsemi’s shareholders and is expected to close in the second quarter, Microchip said. Shares of both companies were halted during the announcement.