Synaptics Announces Divestiture of Mobile LCD TDDI Business to Hua Capital
December 19 2019 - 8:00AM
Synaptics Incorporated (NASDAQ: SYNA), the leading developer of
human interface solutions, today announced it has signed a
definitive agreement to divest its Asia-based, mobile LCD TDDI
business to Hua Capital, through a special purpose entity backed by
Hua-Capital Cayman, L.P., for $120 million in cash.
“This transaction is consistent with Synaptics’ strategy of
focusing on differentiated franchises and investing in areas where
we can deliver more profitable long-term growth for the company,
leading to greater shareholder value,” said Michael Hurlston,
president and CEO at Synaptics.
“We will continue to invest in technologies for the premium
segments of the mobile market where our advanced touch controllers
and DDICs deliver best-in-class performance,” said Janice Mori,
senior vice president, Touch and Display Business Unit at
Synaptics. “In addition, we will still develop TDDI solutions for
automotive applications where we have an unparalleled roadmap and
are currently capturing the majority of sockets globally.”
The transaction has been approved by Synaptics’ board of
directors and by Hua Capital, is subject to customary closing
conditions, and is expected to close in calendar Q2, 2020. We do
not anticipate the transaction will have any significant impact on
the current quarter’s financial results, and questions will be
answered during Synaptics’ next planned earnings call.
About Synaptics: Synaptics is the pioneer and
leader of the human interface revolution, bringing innovative and
intuitive user experiences to intelligent devices. Synaptics’ broad
portfolio of touch, display, biometrics, voice, audio, and
multimedia products is built on the company’s rich R&D,
extensive IP and dependable supply chain capabilities. With
solutions designed for mobile, PC, smart home, and automotive
industries, Synaptics combines ease of use, functionality and
aesthetics to enable products that help make our digital lives more
productive, secure and enjoyable. (NASDAQ: SYNA)
www.synaptics.com.
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Synaptics and the Synaptics logo are trademarks of Synaptics in
the United States and/or other countries. All other marks are the
property of their respective owners.
For further information, please contact:
Investor Relations: Jason Tsai Synaptics
jason.tsai@synaptics.com
Public Relations: David Hurd Synaptics
david.hurd@synaptics.com
Safe Harbor for Forward-looking Statements:
This press release contains forward-looking statements that are
subject to the safe harbors created under the Securities Act of
1933, as amended, and the Securities Exchange Act of 1934, as
amended. Forward-looking statements give our current
expectations and projections relating to our financial condition,
results of operations, plans, objectives, future performance and
business, and can be identified by the fact that they do not relate
strictly to historical or current facts. Such forward-looking
statements may include words such as “expect,” “anticipate,”
“intend,” “believe,” “estimate,” “plan,” “target,” “strategy,”
“continue,” “may,” “will,” “should,” variations of such words, or
other words and terms of similar meaning. All forward-looking
statements reflect our best judgment and are based on several
factors relating to our operations and business environment, all of
which are difficult to predict and many of which are beyond our
control. Such factors include, but are not limited to, risks as
identified in the “Risk Factors,” “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and
“Business” sections of our Annual Report on Form 10-K for the
fiscal year ended June 29, 2019, and other risks as identified from
time to time in our Securities and Exchange Commission reports.
Forward-looking statements are based on information available to us
on the date hereof, and we do not have, and expressly disclaim, any
obligation to publicly release any updates or any changes in our
expectations, or any change in events, conditions, or circumstances
on which any forward-looking statement is based. Our actual results
and the timing of certain events could differ materially from the
forward-looking statements.
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