Smart Mixed-Signal Connectivity (SMSC) will acquire Conexant System in a stock and cash transaction. The buyer will pay total of $284 million for the acquisition of all the outstanding shares of the U.S. semiconductor company.
As part of the agreement, the chip-maker will pay $98 million in cash consideration and issue a total of 2.9-3.6 million shares. The transaction, which is expected to close in the first half of calendar 2011, has been approved by the boards of directors of both the companies.
Click here for the release from SMSC.