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Cirrus Logic To Acquire Lion Semiconductor For $335M Cash

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  • Cirrus Logic, Inc. (NASDAQ: CRUS) inked an agreement to acquire California's Lion Semiconductor for $335 million in cash.

  • This acquisition is expected to close within 30 days.

  • Lion Expands Cirrus' Portfolio of Mixed-Signal Technologies with the Addition of Fast-Charging ICs.

  • The transaction offers unique intellectual property and products for power applications in smartphones, laptops, and other devices and accelerates its high-performance mixed-signal business growth.

  • Lion is likely to be immediately accretive to EPS, contributing $60 million in revenue between deal close and the FY22 end. Gross margin is expected to be supportive of corporate margins.

  • Lion's fast-charging products and intellectual property portfolio were likely to contribute meaningfully to revenue growth in the coming years.

  • Cirrus held $442.16 million in cash and equivalents as of March 27, 2021.

  • Price action: CRUS shares closed lower by 0.20% at $83.60 on Thursday.

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