Massachusetts-based Skyworks Solutions said Tuesday that it is acquiring Santa Clara s PMC-Sierra for $2 billion in a deal that will help it sell into the Big Data marketplace.
The deal is one of a wave of consolidation that has swept the semiconductor industry in the past few years.
PMC employs about 1,440 and designs and markets high-speed semiconductor networking chips.
Its shareholders will receive $10.50 in cash for each share of PMC common stock, a 37 percent premium to the company s close on Monday.
Skyworks, which makes analog semiconductors for the automotive, cellular, home, industrial, smartphone and other markets, is financing the deal from cash on hand and debt.
David J. Aldrich, chairman and chief executive officer of Skyworks, said the acquisition will position Skyworks to capitalize on the explosive demand for high performance solutions that seamlessly connect, transport and store Big Data.
We could not have found a better partner, said David Lang, president and CEO of PMC.
Photo: Motherboard (Thinkstock)
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