Dialog is to take over Atmel in a deal said to be aimed at strengthening Dialog’s position in IoT markets.
‘Dialog will complement its leadership position in power management ICs with a leading portfolio of proprietary and ARM-based microcontrollers in addition to high performance ICs for connectivity, touch and security,’ says Dialog, ‘our new, enlarged company will be a diversified, high-growth market leader in mobile power, IoT and automotive.’
The price of $4.6 billion is 43% more than the market cap of Atmel before the bid and is more than Dialog’s current market cap of around $4 billion. the two companies currently have combined revenues of $2.7 billion.
Atmel has some 5000 employees compared to Dialog’s 1500 which reflects Atmel’s fab operations. Dialog is fabless.
Rationale for the deal was said to be the pursuit of IoT markets for which Atmel has sensor and security technology.
Dialog has been on the prowl for an acquisition for some months having talked to AMS about a tie-up. That fell through.
Dialog will pay for the deal with $2.1 billion of new debt, 49 million American depository shares and cash in hand.
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