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ADI completes acquisition of Korean radio tuner supplier

Posted: 02 Aug 2006     Print Version  Bookmark and Share

Keywords:Analog Devices  ADI  Integrant Technologies  acquisition 

Analog Devices Inc. (ADI) has announced that it has completed the acquisition of privately held Integrant Technologies Inc.

Under the terms of the share purchase agreement, ADI paid approximately Rs.582.04 crore ($127 million) in cash at the closing, which occurred during the Q4 fiscal year 2006, in exchange for substantially all of the outstanding shares of Integrant. A portion of the consideration payable to the shareholders of Integrant was placed into escrow to secure potential indemnification claims under the share purchase agreement and to facilitate the acquisition of the remaining shares not acquired at closing. ADI may pay up to an additional Rs.151.24 crore ($33 million) upon satisfaction of certain conditions.

The acquisition is expected to increase ADI's revenue by approximately one per cent of sales in each of the next few quarters. The company expects to record a one-time charge of approximately Rs.55 crore ($12 million) in Q4 fiscal 2006, which ends Oct. 28, 2006, for purchased in-process research and development expenses.

Located in Seoul, Korea, Integrant is a leading supplier of low-power radio tuners that allow mobile communications, computer and consumer devices to receive DTV and digital radio broadcasts.

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