Silicon Labs (SLAB), a fabless global technology company, commercializing semiconductors, announced the appointment of Daniel Cooley to chief technology officer, who is highly reputable in the industry and has been extremely significant in developing the company’s wireless connectivity portfolio. SLAB stock increased substantially adjacent to the news.
At last check in current trading, shares of Silicon Laboratories Inc. (SLAB) were up 7.95% at $156.15.The stock of SLAB completed the previous trading session at $144.65. The price range of SLAB stock fluctuated between $144.24 and $149.22. In the past 12 months, the company’s stock has advanced 62.77%, and in the last week, the stock has moved down -3.56%
Silicon Laboratories Inc Acquisition
Even if you’re not actively in crypto, you deserve to know what’s actually going on...
Because while leading assets such as Bitcoin (BTC) and Ethereum (ETH) are climbing in value, a select group of public “crypto stocks” are surging right along with them. More importantly, these stocks are outpacing the returns these leading crypto assets aren already producing.
Click here to get the full story… along with our long list of backdoor Bitcoin strategies. It’s free. .
Silicon Laboratories Inc, the leading provider of silicon, software, and solutions announced the acquisition of its infrastructure and automotive business to Skyworks Solutions Inc. The deal was struck in agreement to $2.75B which is to be paid fully in cash.
Skyworks announced that it expects funding the acquisition through debt financing via JPMorgan Chase unit. Silicon Laboratories Inc consisted of $617M in cash, in accordance to its recently reported financial results. The acquisition will expand Skywork’s production capabilities and enhance market penetration immensely, due to the complementary nature of these companies.
Board of directors of both companies have approved the agreement, which is now subject to compliance by relevant regulatory authorities. The agreement is expected to be closed in the third quarter of 2021.
Silicon Labs is expected to collect $2.3 billion in net proceeds from the acquisition. Approximately $2 billion will be returned to shareholders through of special dividends and buybacks. The deal is inclusive of Silicon Labs’ power and isolation chips which are used in the growing industry of electric vehicles. Furthermore, other products, as well as all the intellectual property and associated employees for the products, are also included in the agreement. Due to which skywork has accounted that the acquisition will provide gradual growth to their financial report, even though it would not break the estimates.
SLAB offered a better-than-expected outlook for the current quarter, and are anticipated to produce a decent profit after the appointment of Daniel Cooley to chief Technology officer. Furthermore, the acquisition of the company for$2.75B combined with the complementary nature of these companies has peaked investor interest.