Analog chip designer Skyworks Solutions Inc. (SWKS) agreed to buy Advanced Analogic Technologies Inc. (AATI) Thursday for roughly $262.5 million in cash and stock, adding a portfolio of power-management semiconductor products it expects to immediately boost earnings.
Advanced shares surged 53% to $5.96 in after-hours trading, still shy of the offer's nominal value, while Skyworks stock was down 1.9% at $26.52. Through the close, shares in Advanced have risen 15% in the last year, underperforming the growth in the market at large.
The deal comes little more than a week after the analog chip designer unveiled another takeover, agreeing to buy privately held chip-design company SiGe Semiconductor Inc. for up to $275 million.
The takeovers lengthen a growing list of consolidations in the tech sector, particularly in semiconductors. Earlier this month, Applied Materials Inc. (AMAT) agreed to buy Varian Semiconductor Equipment Associates Inc. (VSEA) in a $4.9 billion deal, after Texas Instruments Inc. (TXN) agreed in April to buy National Semiconductor Corp. (NSM) for about $6.5 billion in cash.
Thursday, Skyworks offered a nominal $6.13 a share for Advanced, comprising $3.68 in cash and 0.08725 share of Skyworks common stock for every share of Advanced Analogic. The company said the $6.13 nominal value represents a 52% premium to Advanced's 30-day trailing average.
Skyworks said the takeover will expand its portfolio with some complementary analog chip products, like battery chargers, DC/DC converters and voltage regulators.
It has predicted both the Advanced Analogic and SiGe Semiconductor deals would be immediately accretive to earnings.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com
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