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April 29, 2014
05:58 EDTCRUSCirrus Logic agrees to acquire Wolfson Microelectronics for $467M
Cirrus Logic and Wolfson Microelectronics announced the terms of a recommended transaction under which Cirrus Logic would acquire Wolfson at a price of GBP 2.35 per share in cash, implying an enterprise value of GBP 278M, or approximately $467M. The transaction, if approved, is expected to strengthen Cirrus Logicís ability to expand its customer base with highly differentiated, end-to-end audio solutions for portable audio applications. The transaction will be financed by a combination of existing cash on Cirrus Logicís balance sheet and $225M in debt funding. The acquisition is expected to be completed in the second half of 2014. Cirrus Logic expects the acquisition to be accretive to non-GAAP earnings per share in the first full quarter after the transaction closes.
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