Silicon Labs completes sale of Infrastructure & Automotive business
Silicon Labs announces that it has completed the divestiture of its Infrastructure & Automotive business to Skyworks Solutions for USD 2.75 billion in an all-cash asset transaction.
"I thank the dedicated team at both companies for executing a transformative transaction," says Silicon Labs CEO Tyson Tuttle in a press release. "To my former infrastructure and automotive colleagues, you have not only been a cornerstone of Silicon Labs' success but also a personal source of pride. We wish you continued successes at Skyworks Solutions." The closure officially positions Silicon Labs as a pure-play competitor in secure, intelligent wireless connectivity. Silicon Labs expects to utilise a significant portion of the net proceeds of approximately USD 2.3 billion after taxes and transaction costs to return approximately USD 2.0 billion to shareholders through a combination of special dividends and/or share repurchases.