Exar Corporation, a provider of analogue mixed-signal, video and data management solutions has, through a wholly owned subsidiary, signed a definitive agreement to acquire Integrated Memory Logic Limited (iML) a specialist in supplying analogue mixed-signal solutions for the flat panel display market.
The iML acquisition forms part of Exar’s strategy of building a large scale diversified analogue mixed-signal business.
Under the terms of the transaction, Exar’s subsidiary will commence a tender offer to acquire all of the outstanding shares of iML in a gross transaction value that will vakue the company at just over $220mn.The transaction is expected to close in the second quarter of fiscal 2015.
“The acquisition of iML will increase the diversity of the markets we serve and add highly differentiated analogue mixed-signal and power management products to our portfolio. iML is a leading provider of power management and colour calibration solutions for large and medium-sized flat panel displays in the LED television market as well as high-resolution tablets. The company serves customers in Korea, Taiwan, Japan and China, which will enhance Exar’s existing presence in these markets. Additionally, iML has demonstrated consistent profitability and gross margins that reflect the value of the company’s differentiated products,” said Louis DiNardo, Exar President and CEO.