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© mucella1 dreamstime.com Business | June 07, 2016

Semtech to divest its Snowbush IP business

Semtech Corporation has entered into a definitive agreement to divest its Snowbush IP business (part its Systems Innovation Group) to Rambus for USD 32.5 million.
Mohan Maheswaran, Semtech’s President and Chief Executive Officer, stated, “The planned divestiture of our Snowbush business is consistent with our practice to exit businesses that are no longer determined to be aligned with the Company’s core, long-term strategy of delivering leading analog/mixed signal product platforms. We believe that our Snowbush IP business fits well with the current Rambus strategy and portfolio.”

Semtech expects to recognise a gain on the disposition of this business in the fiscal period that the transaction closes. Other than this gain, the divestiture is not expected to have a material impact on the Company’s consolidated financial statements.

The transaction is expected to close during the second quarter of Semtech’s fiscal year 2017.

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