Chipmaker Conexant Systems LLC in Irvine agreed to be acquired by Synaptics Inc. for about $342 million.
“We have spent the past few years sharpening Conexant’s focus on providing silicon and software solutions for voice-enabled devices, consumer and commercial imaging, and next-generation audio applications,” Chief Executive Jan Johannessen said in a statement. “We believe that by joining Synaptics, we will further scale in the USB-C headphone market while also enabling device makers to develop innovative applications for some of the industry’s most advanced human-machine-interface technologies, including voice.”
The acquisition “broadens Synaptics’ portfolio of human interface solutions and rapidly accelerates the execution of our IoT strategy,” said Chief Executive Rick Bergman. “Conexant adds an established and highly profitable revenue base, a diverse set of customers, new tier-one accounts, impressive global talent, and a deep portfolio of intellectual property.”
The deal, set to close in the third quarter, includes $300 million in a cash and 726,666 shares of Synaptics common stock.
Conexant, which spun off in 1999 from what was Rockwell International, employs about 300 workers worldwide and generates close to $104 million in annual revenue. It emerged from bankruptcy protection in June 2013, when hedge fund billionaire George Soros’ QP SFM Capital Holdings Ltd. took ownership.
San Jose-based Synaptics has a market value of about $2 billion.
