Thursday, April 28, 2016

Cypress Acquires Broadcom's Wireless IoT Business In $550M Deal

San Jose-based Cypress Semiconductor and Broadcom said this morning that they have entered into a deal, where Broadcom willsellits Wireless Internet-of-Things (IoT) business to Cypress. The deal is worth $550M. Cypress will acquire Broadcom's Wi-Fi, Bluetooth and Zigbee IoT product lines and intellectual property, including the Broadcom WICED brand. The Broadcom unit has 430 employees and had $189M in revenues over the last 12 months. Cypress said the buy will help it reinforce its leadership in the embedded systems solutions market, and broaden its footprint in IoT. Cypress was advised by Greenhill & Co., LLC, Bank of America Merrill Lynch, and Wilson Sonsini Goodrich & Rosati in the deal.