IDT Completes Tundra Semiconductor Acquisition

(Business News & Technology News, 1 Jul 2009)

Integrated Device Technology Inc. (IDT) has announced the closing of its acquisition of all of the shares of Tundra Semiconductor Corp. for aggregate cash consideration of approximately C$120.8 million.

The Tundra acquisition is expected to strengthen the IDT product portfolio of serial switching and bridging using PCI Express, Rapid IO and VME interconnect standards. Additionally, the Tundra technology, combined with the IDT mixed signal product portfolio and channel capabilities, is intended to further reinforce the IDT leadership in interconnect solutions for the communication, computing and embedded segments.

“Tundra is a great company, bringing a wealth of technologies and capabilities to IDT that are complementary to our existing product portfolios for RapidIO and PCI Express. We believe that this strategic combination will provide customers with a broader product offering as well as improved service, support and a future roadmap for serial connectivity,” said Dr. Ted Tewksbury, President and CEO of IDT. “In addition, we currently project that this acquisition will be financially accretive to IDT’s non-GAAP EPS in the second full fiscal quarter of IDT combined operations.”