Microchip Tech's SST Announces Purchase of Novocell
Microchip Technology Inc. (NASDAQ: MCHP), a leading provider of microcontroller, mixed-signal, analog and Flash-IP solutions, through its Silicon Storage Technology (SST) subsidiary, and Novocell Semiconductor, Inc. (Novocell) today announced that Microchip and SST have signed a definitive agreement to acquire Novocell. The acquisition was approved by the Boards of Directors of each company and is being announced today at the 2013 Design Automation Conference (DAC) in Austin, Texas. The terms of the deal are confidential. The transaction is expected to close in early June 2013 and is expected to be immediately accretive on a non-GAAP basis.
Under the acquisition agreement, Novocell will become a wholly owned subsidiary of SST, a Microchip company. SST and Novocell are committed to a seamless customer transition. SST plans to invest in continuing, designing, developing and extending Novocell's product portfolio and roadmap.
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