Intersil (ISIL) Buying Techwell (TWLL) For $370 Million; Shares Soar 48%

Intersil Corporation (Nasdaq: ISIL) announced on Monday that it had agreed to acquire chip-maker Techwell, Inc. (Nasdaq: TWLL) for $18.50 per share.

News of the deal, which values Techwell at nearly $370 million, sent Techwell shares soaring $5.94, nearly 48%, to $18.38, while Intersil Corporation's shares dropped 1%.

Intersil Corporation said that the Techwell board of directors unanimously approved the deal, with Techwells's board of directors and executives and Technology Crossover Ventures already agreeing to sell their combined 23% stake.

The deal allows chip-maker Intersil Corporation to strengthen its product line of video chips.