Tuesday, September 20, 2016

Tessera Technologies Buy DTS For $850M

San Jose-based Tessera Technologies announced this morning that it is acquiring surround sound and audio processing developer DTS, in a deal worth $850M. According to Tessera, it will pay $42.50 per share in cash for DTS, a 28 percent premium to the 30-day volume weighted average price for publicly traded DTS. Tessera was advised by GCA and Skadden, Arps, Slate, Meagher & Flom LLP; DTS was advised by Centerview and DLA Piper LLP.