Diodes reported that it has completed its acquisition of Pericom Semiconductor.
Diodes noted the merger agreement was initially announced on September 3, and Pericom shareholders approved the transaction at a special meeting of shareholders held on November 20. According to a release, the transaction closed and became effective today, with each share of Pericom being converted into the right to receive $17.75 in cash, without interest. The aggregate consideration will be approximately $413 million, including the value of Pericom equity awards paid out or converted to Diodes equity awards. As a result of the transaction’s close, the common stock of Pericom will no longer be listed for trading on the NASDAQ stock exchange as of the close of market today.
“We are very pleased to complete the acquisition of Pericom, which will be immediately accretive to Diodes’ earnings and also provide enhanced margin expansion opportunities,” stated Dr. Keh-Shew Lu, President and Chief Executive Officer.
“Also notable, this acquisition broadens Diodes’ analog footprint and adds a strong mixed-signal connectivity offering that will drive expanded product content in our target market applications. Pericom also provides an extensive timing product line that complements Diodes’ standard product portfolio.”Dr. Lu also added, “I would like to personally welcome the Pericom employees to the Diodes’ family. Together, we are able to accelerate the attainment of our goal to reach a $1 billion annual revenue run rate with 35 percent gross margin, and I look forward to expanding our global organization and achieving future success.”
Diodes is a global manufacturer and supplier of application specific standard products within the broad discrete, logic and analog semiconductor markets.