Intersil Completes Its Acquisition of Techwell, Inc.
April 27 2010 - 5:14PM
Marketwired
Intersil Corporation (NASDAQ: ISIL), a world leader in the design
and manufacture of high performance analog and mixed signal
semiconductors, announced today the closing on April 27, 2010 of
its acquisition of Techwell, Inc. (NASDAQ: TWLL). The Company
previously announced its proposed acquisition of Techwell on March
22, 2010.
Intersil issued debt of $300 million at a floating interest rate
of approximately 5% to complete the transaction. The remainder of
the purchase price was paid through corporate cash. Techwell now is
an indirect, wholly-owned subsidiary of Intersil, and its common
stock will cease to be traded on the NASDAQ Global Select
Market.
Techwell designs and sells mixed signal video semiconductor
solutions for the security surveillance and automotive infotainment
markets, enabling the conversion and processing of analog video
signals to digital form to facilitate the display, storage and
transport of video content. Major applications include industrial
DVRs, networked video recorders, multiplexers, as well as
automotive front consoles, rearview mirrors and rear seat LCD
displays.
"The Techwell acquisition brings Intersil unique capabilities
that complement our industrial video market businesses," said Dave
Bell, Intersil's President and Chief Executive Officer. "We look
forward to Techwell's mixed signal video products helping to
significantly increase our overall industrial business, which will
become our largest end market," continued Mr. Bell.
The acquisition is expected to be accretive to Intersil's 2010
earnings, excluding one-time costs and other acquisition-related
charges. Intersil will update its financial guidance to include
Techwell's pro-rated contribution in the second quarter 2010 during
its annual Investor & Analyst Day on May 14, 2010.
About Intersil Intersil Corporation is a
leader in the design and manufacture of high-performance analog and
mixed signal semiconductors. The Company's products address some of
the industry's fastest growing markets, such as flat panel
displays, cell phones, notebooks and other handheld systems.
Intersil's product families address power management functions and
analog signal processing functions. Intersil products include ICs
for battery management, hot-plug controllers, linear regulators,
power sequencers, supervisory ICs, bridge drivers, PWM controllers,
switching DC/DC regulators, Zilker Labs Digital Power ICs and power
MOSFET drivers; optical storage laser diode drivers; DSL line
drivers; D2Audio products; video and high-performance operational
amplifiers; high-speed data converters; interface ICs; analog
switches and multiplexers; crosspoint switches; voice-over-IP
devices; and ICs for military, space and radiation-hardened
applications. For more information about Intersil or to find out
how to become a member of our winning team, visit the Company's web
site at www.intersil.com.
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