Tuesday, April 5, 2016

GigOptix Buys Magnum Semiconductor

San Jose-based GigOptix said on Monday that it has acquired Milpitas-based Magnum Semiconductor, in a deal worth $55M in cash and stock. GigOptix said it will rename itself GigPeak as a result of the deal. GigOptix said the deal is split between 7.1 million shares of its stock, plus $35.8M in cash. Silicon Valley Bank is providing GigOptix a $15M term loan to help fund the deal. Magnum Semiconductor had $19M in revenues in FY 2015, according to the companies; the company's largest shareholder was August Capital.