Microchip to buy Taiwan's ISSC Technologies

Reuters News
Posted: May 22, 2014 8:14 AM

(Reuters) - Microchip Technology Inc said it would acquire Taiwan's ISSC Technologies Corp, which provides low-powered bluetooth technology for the Internet of Things, in a deal that values the company at about $328.5 million.

The offer of $4.74 per share, or T$143, is at a premium of 16.7 percent to ISASC's Wednesday close of $122.50.

Believe Him
Katie Pavlich

After deducting ISSC's cash balance of $34.2 million, the deal is valued at $294.3 million.

(Reporting By Lehar Maan in Bangalore)