Exar buys Cadeka Microcircuits for at least $29M
FREMONT, Calif. (AP) — Chip maker Exar Corp. said Monday that it acquired Cadeka Microcircuits, which makes semi-conductor products, for an initial payment of about $29 million in cash and stock.
The deal, which closed on Friday, also includes an earn-out against net revenue contributed by Cadeka, Exar said.
Cadeka, which has locations in Loveland, Colo., and China, designs, develops and markets a variety of products including amplifiers, comparators, filters and data converters. Its customers include electronic equipment manufacturers in the medical, aerospace, test and measurement, surveillance and industrial control markets.
Exar said it expects the addition of Cadeka to be neutral or modestly boost its profitability immediately.
Gary Ross, Cadeka's president and CEO, will join Exar, the company said.
Exar shares fell 10 cents to $11.30 in midday trading.