Synaptics in Deal to Get Rights to Broadcom's Wireless IoT Connectivity Business
July 07 2020 - 5:07PM
Dow Jones News
By Stephen Nakrosis
Synaptics Inc. said Tuesday it plans to acquire assets and
manufacturing rights associated with the wireless IoT business of
Broadcom for about $250 million in cash.
Under the terms of the deal, Synaptics "will acquire certain
rights to Broadcom's existing Wi-Fi, Bluetooth and GPS/GNSS
products and business in the IoT market as well as future roadmap
devices designed in advanced process nodes," the company said.
Synaptics also said the deal is expected to immediately add to
its non-GAAP gross margins and non-GAAP earnings post-close, and
expects it will add about $65 million in current annual sales and
provide significant revenue growth potential.
Synaptics expects the deal to close in its first quarter of
fiscal 2021.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
July 07, 2020 16:52 ET (20:52 GMT)
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