Pericom Semiconductor has entered into a definitive agreement to acquire all remaining outstanding shares of Pericom Technology (PTI), a provider of timing, switching and power management IC products, for approximately $35m in cash.
The company said that it previously held a 40.6% ownership in PTI, whose products are primarily sold to Asian telecom, consumer, and ultra-mobility market segments. PTI was incorporated in the British Virgin Islands in 1994, and is headquartered in Hong Kong, with significant operations in Shanghai and Shenzhen, People’s Republic of China.
Pericom said that PTI adds new power management technology, complementary timing and analog switch technology, and new IP to its technology portfolio.
Alex Hui, president and CEO of Pericom Semiconductor, said: "Our acquisition of PTI is a key step in our continued corporate growth plan. PTI brings technology, operational, market, and financial synergies to Pericom.
"This acquisition provides Pericom with a strong and stable platform in China to expand our design, applications and operations functions to capture business opportunities in the large growing Greater China market with strong local presence at competitive cost. We will enhance shareholder value as we leverage our combined resources to serve our top tier customers who are also investing heavily in the region."
