Avago Technologies to acquire PLX

Avago Technologies and PLX Technology, Inc. announced today that they have entered into a definitive agreement under which Avago will acquire PLX, a developer of PCI Express silicon and software connectivity solutions. Avago Technologies Limited is a designer, developer and global supplier of a broad range of analog semiconductor devices with a focus on III-V based products and complex digital and mixed signal CMOS based devices.

The companies valued the  deal at approximately $309 million, or $293 million net of cash and debt acquired. Under the terms of the agreement, which was approved by the Boards of Directors of both companies, a subsidiary of Avago will commence a tender offer for all of the outstanding shares of PLX common stock for $6.50 per share in cash.

“Once closed, this transaction will provide immediate value to our stockholders and offers new growth opportunities for our employees to develop leading-edge solutions for our customers,” said David Raun, President and Chief Executive Officer of PLX.

The transaction is subject to customary closing conditions, including the tender into the offer by PLX stockholders of shares representing at least a majority of the outstanding shares of PLX common stock on a fully diluted basis, and the receipt of relevant regulatory approvals, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and relevant foreign antitrust laws. It is expected that the transaction will close in the fourth quarter of Avago’s fiscal year ending November 3, 2014.

POST A COMMENT

Easily post a comment below using your Linkedin, Twitter, Google or Facebook account. Comments won't automatically be posted to your social media accounts unless you select to share.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

NEW PRODUCTS

MKS introduces the I-Series family of high flow mass flow controllers
02/25/2015MKS Instruments, Inc., a global provider of technologies that enable advanced processes and improve productivity, has introduced th...
TMC introduces stage-base 450 with voice coil technology
02/10/2015TMC, a developer of high-performance vibration and motion cancellation technology, has introduced Stage-Base 450, its next generation of frame-m...
Entegris launches Dispense System optimized for 3D and MEMS applications
02/03/2015Entegris, Inc. announced the latest addition to its IntelliGen family of two-stage dispense technologies used in microelectronic...