Synaptics Acquires Rights to Broadcom?s Wireless IoT Connectivity Business
July 08, 2020
News
Synaptics announced a definitive agreement to acquire the assets and manufacturing rights of wireless IoT business, Broadcom. The deal is work approximately $250 million all-cash.
Synaptics announced a definitive agreement to acquire the assets and manufacturing rights of wireless IoT business, Broadcom. The deal is work approximately $250 million all-cash.
“Expanding our offering in the high growth IoT market has been one of the major focus areas for Synaptics and the addition of best-in-class wireless connectivity technology to our portfolio significantly enhances our overall position,” said president and CEO of Synaptics Michael Hurlston, in a press release. “This acquisition complements Synaptics’ ability to sell into a broad range of devices such as IP cameras, smart displays, speakers, home automation, and gaming consoles – all of which require cutting-edge technologies including Wi-Fi 6 and 6E, Bluetooth 5.2 and GPS L5.”
The company believes the transaction can add $65 million in annual sales and increase potential revenue growth. Per the release, the transaction is expected to be immediately accretive to Synaptics’ non-GAAP gross margins and non-GAAP earnings post-close.
The transaction has already been approved by Synaptics’ board of directors and is expected to close in the first quarter of the 2021 fiscal year.
For more information, visit https://investor.synaptics.com/.
Perry Cohen, associate editor for Embedded Computing Design, is responsible for web content editing and creation, podcast production, and social media efforts. Perry has been published on both local and national news platforms including KTAR.com (Phoenix), ArizonaSports.com (Phoenix), AZFamily.com, Cronkite News, and MLB/MiLB among others. Perry received a BA in Journalism from the Walter Cronkite School of Journalism and Mass Communications at Arizona State university.
