CSR acquired Zoran

Zoran shareholders will receive ADSs representing the equivalent of 1.85 ordinary shares of CSR for each share of Zoran common stock held, which, as at close on 18 February 2011 represents a value of USD 13.03 per share of Zoran common stock or a total consideration of approximately USD 679 million. In addition, CSR plans to buy back up to USD 240 million of CSR’s ordinary shares during the next 12 months via an on-market buyback programme. In 2010, Zoran had total pro forma revenues of USD 441 million. The merger is designed to strengthen CSR’s core business by adding imaging and video capabilities within its existing end markets and to create new growth opportunities within global consumer markets such as internet enabled, location-aware digital cameras and the next generation of home entertainment products and peripherals. The deal is expected to generate run rate cost synergies of USD 50 million by the end of 2011, whilst continuing investment in the combined technology pipeline. The merger is another step for CSR’s to enter top 10 fabless semiconductor company.