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Dialog lets go of Atmel as Microchip swoops in

Posted: 22 Jan 2016 ?? ?Print Version ?Bookmark and Share

Keywords:Microchip Technology? Dialog? Atmel? MCU? flash memory?

Microchip Technology Inc., a MCU, analogue and flash memory IC vendor, has agreed to buy Atmel Corp. for about $3.56 billion and Dialog Semiconductor, previously set to buy Atmel, has been paid a $137.3 million termination fee. Microchip's purchase is $8.15 per share made of $7 per share in cash and $1.15 per share in Microchip common stock.

The deal has been agreed by both boards of directors and is expected to close in 2Q16, subject to approval by Atmel's stockholders, regulatory approvals and other customary closing conditions.

Atmel picks Microchip over Dialog
In December, Microchip made an unsolicited offer to acquire Atmel for $8.15 per share, or roughly $3.8 billion. Atmel agreed in September to be acquired by Dialog in a cash and stock deal that was originally valued at $4.6 billion.

"As the semiconductor industry consolidates, Microchip continues to execute a highly successful consolidation strategy with a string of acquisitions that have helped to double our revenue growth rate compared to our organic revenue growth rate over the last few years," said Steve Sanghi, CEO of Microchip.

Microchip said it expects to fund the cash portion of the purchase price through a combination of cash on its balance sheet and borrowings under its existing credit facility.

- Peter Clarke
??EE Times Europe

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