Cirrus Logic to acquire Lion Semiconductor for $335 million
Cirrus Logic has entered into an agreement to acquire California-based Lion Semiconductor for USD 335 million in cash. The acquisition brings IP and products for power applications in smartphones, laptops and other devices and accelerates growth of the company’s high-performance mixed-signal business.
Lion is expected to be immediately accretive to GAAP and non-GAAP earnings per share, contributing approximately USD 60 million in revenue between deal close and the end of FY22. “The acquisition of Lion Semiconductor adds further momentum to our strategy of applying our mixed-signal expertise to new markets and driving growth through innovation in areas such as power,” says Cirrus Logic President and Chief Executive Officer John Forsyth in a press release. “Lion’s proprietary fast-charging products and robust intellectual property portfolio are expected to contribute meaningfully to revenue growth in the coming years, strengthen the company’s position to pursue exciting new opportunities and significantly expand our addressable market.” “We are thrilled to become a part of Cirrus Logic’s remarkable team and culture,” adds Lion’s Chief Executive Officer Wonyoung Kim. “Cirrus Logic excels in delivering advanced mixed-signal technologies to the industry’s most demanding customers. We believe our world-class charging technology and innovative switched-capacitor architectures will help put even more Cirrus Logic solutions at the heart of the world’s best battery-powered products.” Lion Semiconductor’s switched-capacitor architectures enable wired and wireless fast-charging user experiences and are used today in numerous flagship and mid-tier smartphones. These solutions are integrated close to the battery and deliver higher efficiency and better heat dissipation for the rapidly developing fast-charging market. Lion has operations in San Francisco and Seoul, South Korea.