Image and semiconductor packaging technology company Tessera Technologies will acquire audio digital company DTS for $850 million in cash. Tessera will pay $42.50 in cash per DTS stock, which is a 28% premium to DTS' 30-day volume-weighted average share price (as of September 19, 2016).
Tessera’s Executive Director Tom Lacey stated in the statement: “I am very excited about Jon Kirchner and the outstanding DTS team joining the Tessera family. We will continue to promote the development and growth of the DTS brand.†It is reported that Lacey will Will continue to serve as executive director, and Kirchner is expected to serve as chairman of the company.
He said: "Our technology portfolio can complement each other and is ideally suited to provide next-generation audio and video solutions to the mobile device, consumer electronics and automotive markets. We can also use these technologies to capture the Internet of Things and AR. New opportunities in the field of /VR."
Tessera said that they will have "more than 450 engineers dedicated to the development of next-generation graphics, audio and semiconductor packaging technologies," and expect that the 2016 revenue will reach 450 million U.S. dollars, of which "half of the profits will come from product licensing." ".
DTS audio products include the recently acquired HD Radio, DTS-HD and DTS:X audio decoders, DTS Headphone:X and DTS Sound pre-processing solutions and post-processing solutions, and DTS Play-Fi wireless audio.
The board of directors of both companies have already agreed to the acquisition and the transaction is expected to be completed by the end of this year or early in 2017.
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