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Pericom acquires remaining PTI shares

Posted: 16 Aug 2010 ?? ?Print Version ?Bookmark and Share

Keywords:Pericom? PTI? acquisition?

Pericom Semiconductor Corp. has agreed to pay up to $35 million in cash for all outstanding shares of Pericom Technology Inc. (PTI). Pericom, which previously owned 40.6 percent of shares in the timing, switching, and power management IC products, said the acquisition will help boost the company's production expertise while providing a low-cost supply chain and a stronger foothold in the Greater China market.

Pericom, which will acquire PTI's 99 employees, agreed to pay $29 million in cash upfront and up to $6 million in earn-out consideration and bonus payments over the first 12 months after the deal is closed, which is expected in the latter part of the first quarter of fiscal year 2011. PTI reported net revenues of $17.9 million for fiscal year 2010 with a gross margin of 51 percent and an operating margin of 26 percent.

Pericom president and chief executive officer Alex Hui said PTI brings "technology, operational, market, and financial synergies" to Pericom. It will also "enhance shareholder value as we leverage our combined resources to serve our top-tier customers who are also investing heavily in the region," he added.

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