Diodes agrees to buy BCD for $151 million
Semiconductor components maker Diodes Inc. said Wednesday that it agreed to buy BCD Semiconductor Manufacturing Ltd. For about $151 million in cash.
The deal expands Diodes portfolio to include more power management offerings, the company said. It also broadens its presence in Asia, since BCD has a strong market position in China.
Diodes is headquartered in Plano, Texas.
BCD is based in the Cayman Islands. Diodes will pay $8 per American depositary share of BCD, more than double Wednesday's closing price of $3.98 per ADS.
The boards of both companies have approved the deal, which is expected to close late in the first quarter of 2013 or early in the second quarter.
Diodes CEO Keh-shew Lu said the deal is part of Diodes strategy to expand through strategic acquisitions.
BCD CEO Chieh Chang said the deal will help BCD expand its analog offerings and market opportunities.
Diodes Inc. shares closed up 11 cents at $16.91.