© mikael damkier dreamstime.com Business | July 08, 2020
Synaptics to buy rights to Broadcom’s Wireless IoT connectivity business
Synaptics Incorporated has signed definitive agreements under which Synaptics will acquire certain assets and manufacturing rights associated with the wireless IoT business of Broadcom for approximately USD 250 million in an all-cash transaction.
Under the terms of the agreements, Synaptics will acquire certain rights to Broadcom’s existing Wi-Fi, Bluetooth and GPS/GNSS products and business in the IoT market as well as future roadmap devices designed in advanced process nodes. The acquisition aims to further strengthen and accelerate Synaptics’ position in the fast-growing consumer IoT market. Synaptics expects the transaction to add approximately USD 65 million in current annualised sales and provide significant revenue growth potential. The transaction is expected to be immediately accretive to Synaptics’ non-GAAP gross margins and non-GAAP earnings post-close. “Expanding our offering in the high growth IoT market has been one of the major focus areas for Synaptics and the addition of best-in-class wireless connectivity technology to our portfolio significantly enhances our overall position,” says Michael Hurlston, president and CEO, Synaptics, in a press release. “This acquisition complements Synaptics’ ability to sell into a broad range of devices such as IP cameras, smart displays, speakers, home automation, and gaming consoles – all of which require cutting-edge technologies including Wi-Fi 6 and 6E, Bluetooth 5.2 and GPS L5.” The transaction, which has been approved by the board of directors of Synaptics, is expected to close in Synaptics’ first quarter of fiscal year 2021, subject to customary closing conditions.
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