IDT Divests PCIe Enterprise Flash Controller Business to PMC-Sierra, Inc.
May 29 2013 - 4:01PM
Business Wire
Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI) today
announced it has signed a definitive agreement to divest its PCI
Express® (PCIe) enterprise flash controller business and related
PCIe intellectual property assets to PMC-Sierra, Inc. (NASDAQ:
PMCS). The purchase consideration consists of approximately US$100
million in cash, subject to certain purchase price adjustments. The
transaction has received appropriate board approvals, but will be
subject to applicable regulatory and closing conditions. The
transaction is anticipated to close in the third quarter of
calendar 2013.
“The divestiture of our PCIe flash controller business enables
IDT to capitalize on our early investments in this disruptive
technology,” said Ted Tewksbury, president and CEO at IDT. “Going
forward, we will focus our R&D investments on advanced timing,
wireless power, memory interface, and communications signal chain
solutions. This enhanced focus will accelerate operating margin
expansion while sustaining long-term revenue growth.”
About IDT
Integrated Device Technology, Inc., the Analog and Digital
Company™, develops system-level solutions that optimize its
customers’ applications. IDT uses its market leadership in timing,
serial switching and interfaces, and adds analog and system
expertise to provide complete application-optimized, mixed-signal
solutions for the communications, computing and consumer segments.
Headquartered in San Jose, Calif., IDT has design, manufacturing,
sales facilities and distribution partners throughout the world,
with direct purchase services through IDT Direct™. IDT stock is
traded on the NASDAQ Global Select Stock Market® under the symbol
“IDTI.” Additional information about IDT is accessible at
www.IDT.com. Follow IDT on Facebook, LinkedIn, Twitter, and
YouTube.
Forward-Looking
Statements
Certain statements in this press release may contain
forward-looking statements related to IDT, including but not
limited to statements regarding the anticipated closing date of the
transaction, IDT’s anticipated research and development investments
and IDT’s anticipated operating margin expansion and long-term
revenue growth. All statements included in this press release
concerning activities, events or developments that IDT expects,
believes or anticipates will or may occur in the future are
forward-looking statements. Forward-looking statements are based on
current expectations and projections about future events and
involve known and unknown risks, uncertainties and other factors
that may cause actual results and performance to be materially
different from any future results or performance expressed or
implied by forward-looking statements, including but not limited to
those risks and uncertainties in IDT’s Annual Report on Form 10-K
for the fiscal year ended March 31, 2013 filed with the Securities
and Exchange Commission. All forward-looking statements are made as
of the date of this release and IDT disclaims any duty to update
such statements.
IDT and the IDT logo are trademarks or
registered trademarks of Integrated Device Technology, Inc. All
other brands, product names and marks are or may be trademarks or
registered trademarks used to identify products or services of
their respective owners.
Integrated Device Technology, Inc. (NASDAQ:IDTI)
Historical Stock Chart
From Jul 2024 to Aug 2024
Integrated Device Technology, Inc. (NASDAQ:IDTI)
Historical Stock Chart
From Aug 2023 to Aug 2024