May 5, 2014, Beijing, China - Leading supplier of high precision analog and digital signal processing components Cirrus Logic (Nasdaq: CRUS) and Wolfson Microelectronics Co., Ltd. (LSE: WLF or WLF. L) today announced that Cirrus Logic will acquire Wolfson Microelectronics Co., Ltd. at a price of 2.35 pounds per share. The company value of Wolfson Microelectronics Co., Ltd. is 278 million pounds, or about 467 million US dollars. If approved, the deal will strengthen Cirrus Logic's ability to extend its customer base with highly differentiated end-to-end audio solutions for portable audio applications. The transaction will be completed through a combination of Cirrus Logic's existing cash and $225 million in debt financing.
Jason Rhode, President and CEO of Cirrus Logic, said: "Ou Sheng has a long history of audio innovation, a wide range of audio products and a number of Tier 1 customers. The acquisition strengthens Cirrus Logic as the leader in audio signal processing components. The core business of the company enhances our ability to differentiate between products and software, and adds new products such as MEMS microphones to our portfolio."
Mr. Michael Ruettger, Chairman of the Board of Directors of Wolfson Microelectronics Co., Ltd. said: “The Ou Sheng Board of Directors believes that the transaction is attractive to Wolfson shareholders. We believe this also reflects Mike Hickey and his team building Wolfson into the consumer electronics market. Leading high-performance audio hub products and the hard work of MEMS microphone suppliers. Together with Cirrus Logic, we believe that M&A will create a powerful platform for future growth that exceeds our individual potential."
The acquisition is expected to be completed in the second half of 2014. Cirrus Logic expects the acquisition to increase non-GAAP earnings per share in the first quarter after the transaction (excluding the impact of one-time consolidation and M&A-related costs). The transaction is subject to regulatory approval and approval by Wolfson shareholders.
About Cirrus Logic
Cirrus Logic develops high-precision, analog and mixed-signal IC products for a wide range of innovative markets. Based on a wide range of analog mixed-signal patented products, Cirrus Logic offers optimized products for a wide range of audio and energy related applications. The company is headquartered in Austin, Texas, and has offices in Europe, Japan, and other Asian countries.
About Wolfson Microelectronics Co., Ltd.
Wolfson Microelectronics is a global leader in providing high performance mixed-signal semiconductor devices and audio solutions for the consumer electronics market. Whether at home, in the office or on the move, Wolfson Microelectronics' innovative technology is found in the world's leading digital consumer electronics, including hi-fi devices, smartphones, mobile phones, tablets, MP3 players, TVs, digital cameras. And the game. Wolfson is headquartered in Edinburgh, England. Wolfson's customers are located all over the world, as are design centers, sales, applications and engineering teams in Europe, the US, Australia and Asia.
Cirrus Logic, Cirrus, and Cirrus Logic logo designs are registered trademarks of Cirrus Logic Corporation. Other product names mentioned herein are the property of their respective companies.
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