Mergers and Acquistions News
Categories: Semi-Conductors
February 11th 2009, 14:42PM
CSR has announced the details of a merger with US firm CiRF through a shares-based transaction.
As part of the deal SiRF shareholders receive 0.741 of an ordinary share in CSR for every SiRF share, so that SiRF shareholders will hold a 27 per cent stake in the enlarged group.
The boards of both firms voted unanimously to close the deal.
CiRF manufactures semiconductors for global positioning systems (GPS), with a portfolio boasting hardware, software and systems.
It is hoped the merger will create a strong player in the growing market for GPS products - CSR estimates the GPS attach rate in mobile handsets will double by 2012.
CSR chief executive officer Joep van Beurden states: "Financially, strategically and commercially, this is a compelling transaction.
"We expect it to be significantly earnings accretive, to enhance the enlarged group's financial strength and cash position and to create new and wider revenue opportunities that neither party on its own could pursue as effectively."
Based in Cambridge, CSR designs single-chip wireless devices used in big brand mobile phones such as Nokia, Motorola and Sharp.
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