A semiconductor company from New York has acquired Newport Beach-based Conexant Systems Inc. for $284 million, Conexant officials said Monday in a news release.
SMSC, headquartered in Hauppauge, N.Y., has struck a deal with Conexant — a supplier of semiconductor solutions for imaging, audio, embedded modem and video surveillance applications — through which SMSC will buy all of Conexant's outstanding shares in a stock and cash transaction as well as assume Conexant's net debt, the release said.
"In our industry, size and scope provide a significant advantage with customers and suppliers," Scott Mercer, Conexant's chairman and chief executive said in a prepared statement. "SMSC and Conexant share similar core competencies in analog and mixed-signal design, possess complementary product portfolios, and count many customers in common. By joining forces, we get the opportunity to take advantage of economies of scale and drive profitable growth."