San Jose, Calif., and Singapore, April 28, 2016 – Cypress Semiconductor Corporation (Nasdaq: CY) and Broadcom (Nasdaq: AVGO) today announced that the two companies have Signing the final agreement, Cypress will acquire Broadcom's wireless Internet of Things (IoT) business and related assets for $550 million in cash. Under the terms of the deal, Cypress will acquire Broadcom's Wi-Fi, Bluetooth, Zigbee and other IoT product lines and intellectual property, including the WICED brand and related developer ecosystem. Broadcom's IoT business unit employs approximately 430 people worldwide and has revenues of $189 million over the past 12 months. The acquisition will further strengthen Cypress's position in the core embedded systems market, such as automotive and industrial, while at the same time establishing the company's leading image in the fast-growing consumer IoT market, including wearable electronic devices and home automation solutions. .
The transaction has been approved by the board of directors of Cypress and Broadcom and is expected to be completed in the third quarter of 2016, following customary closing conditions and requiring regulatory approval. Cypress expects to add value within one year of the completion of the acquisition, increasing the company's gross margin, profitability and long-term revenue potential.
Cypress President and CEO TJ Rodgers said: "Cypress is an important member of the current IoT market. We have ultra-low power programmable system-on-chip technology, but we are still only available in general-purpose RF We use this technology. Now we have the market-recognized Broadcom IoT business, including advanced Wi-Fi, Bluetooth and Zigbee RF technology, which will help us transform into the dominant force in the Internet of Things field and will be our Providing new market opportunities. Our advantage is that we have more than 30,000 customers worldwide, who not only need advanced ultra-low power wireless communication, but also can use the simple and easy to use programmable embedded system solution to maximize their performance. efficacy."
Stephen DiFranco, general manager of Broadcom's IoT division, said: "We are pleased to work with Cypress to meet the rapidly growing IoT market demand. With our IoT connectivity products, Cypress will be able to provide wireless connectivity; MCUs, system-on-chip, module and storage technologies; and the mature developer ecosystem required by IoT designers to create a complete end-to-end embedded solution portfolio and an integrated IoT design platform."
Under the terms of the transaction, Broadcom will continue to provide wireless connectivity solutions for non-IoT access and mobile services, including services for set-top boxes, wireless access, smartphones, laptops and laptop customers. Cypress will benefit from the fast-growing Wi-Fi and Bluetooth connectivity markets in consumer electronics, industrial and automotive IoT (17% year-on-year).
Rodgers added: "The powerful and easily scalable WICED brand and developer network includes module manufacturers, value-added resellers (VARs), technology partners, and original equipment manufacturers (ODMs) that have begun to apply this technology. Bringing us the ability to rapidly increase revenue through new channels. Cypress will continue to support and develop this network and provide innovative and groundbreaking connectivity products. Cypress will also apply these new technologies. To the automotive market. We are already the world's top three microcontroller and memory suppliers in the automotive market, and the wave of connected cars is on the rise."
The acquisition was led by Greenhill & Co., LLC as the chief financial advisor, with Bank of America Merrill Lynch as a financial advisor and debt financing in accordance with customary conditions, and Wilson Sonsini Goodrich & RosaTI as Cypress's legal advisor.
About Cypress
Cypress (NASDAQ: CY) provides the core high performance, high quality solution for today's most advanced embedded systems for automotive and industrial and networking platforms to highly interactive consumer and mobile A wide range of equipment. We have a broad portfolio of differentiated products including: TraveoTM microcontrollers, the industry's only PSoC® programmable system-on-chip solution, analog and PMIC power management ICs, CapSense® capacitive touch-sensing controllers, wireless BLE low power Bluetooth and USB connectivity solutions, NOR flash and F-RAMTM and SRAM. Cypress is committed to providing innovative, industry-leading support and superior system value to customers around the world.
About Broadcom
Broadcom is the world's leading designer, developer and supplier of analog and digital semiconductor connectivity solutions. The company offers a broad portfolio of products for the four major end markets, including wired infrastructure, wireless communications, enterprise storage and industrial. Applications for these end markets include data center networks, home connectivity, broadband access, telecommunications equipment, smartphones and base stations, data center servers and storage, factory automation, power generation and alternative energy systems, and display devices.
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