CORRECTED-UPDATE 1-Silicon Labs to sell infrastructure and auto unit to Skyworks for $2.75 billion Reuters 2 days ago
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April 22 (Reuters) - Silicon Laboratories Inc said on Thursday it would sell its infrastructure and automotive business to Skyworks Solutions Inc for $2.75 billion, in a move that would let the chipmaker focus on its core business.
Shares of Silicon Labs were halted in after hours trading, while Skyworks shares were up 3.8% at $190.47.
Austin, Texas-based Silicon Labs has been in recent months focused on the internet-of-things market, selling wireless chips for smart home devices.
The deal includes Silicon Labs power and isolation, timing and broadcast products, intellectual property and associated employees, the company said in a statement.
(Corrects headline to say $2.75 billion, not $27.5 billion)
(Reuters) -Silicon Laboratories Inc said on Thursday it would sell its infrastructure and automotive business to Skyworks Solutions Inc for $2.75 billion, in a move that would let the chipmaker focus on its core business.
Shares of Silicon Labs were halted in after hours trading, while Skyworks shares were up 3.8% at $190.47.
Austin, Texas-based Silicon Labs has been in recent months focused on the internet-of-things market, selling wireless chips for smart home devices.
The deal includes Silicon Labs’ power and isolation, timing and broadcast products, intellectual property and associated employees, the company said in a statement.
Silicon Labs Announces Agreement to Divest Infrastructure and Automotive Business
Company to Become Pure-Play Leader of Intelligent, Wireless Connectivity for the IoT
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Highlights:
Skyworks Solutions will acquire the Infrastructure and Automotive business of Silicon Labs for $2.75 billion
Transaction accelerates company s IoT market leadership and growth
Silicon Labs intends to return approximately $2.0 billion to shareholders post-closing
Strategic transaction unlocks significant shareholder value
Silicon Labs (NASDAQ: SLAB) announced today the company has entered into a definitive asset purchase agreement to sell its Infrastructure & Automotive (I&A) business to Skyworks Solutions, Inc. (NASDAQ: SWKS) for $2.75 billion in all-cash consideration. The transaction includes Silicon Labs power/isolation, timing and broadcast products, intellectual property and associated employees. Silicon Labs an
Silicon Labs Appoints Matt Johnson to President
Johnson to Accelerate Market Leadership and Growth of Wireless Connectivity for the IoT
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AUSTIN, Texas, April 22, 2021 /PRNewswire/ Silicon Labs (NASDAQ: SLAB), a leading provider of silicon, software and solutions for a smarter, more connected world, today announced the promotion of Matt Johnson to president. A widely experienced business, engineering and operations leader, Johnson served as the company s senior vice president and general manager of IoT Products. He assumes the new role effective immediately and will continue to report to Silicon Labs CEO Tyson Tuttle.
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