Cirrus Logic has finally agreed to pay $35 million in cash to acquire Lion Semiconductor.
“The boards of both companies have approved the deal, which is expected to close within 30 days”, Cirrus said.
John Forsyth, President and Chief Executive of Cirrus, said, “Lion’s proprietary fast-charging products and robust intellectual property portfolio are expected to contribute meaningfully to revenue growth in the coming years.”
Cirrus CRUS, -0.20% also said Lion, which is based in California, has operations in San Francisco and Seoul, South Korea.
The deal is expected to be immediately accretive to GAAP and non-GAAP earnings per share, Cirrus said, adding that Lion is expected to contribute about $60 million in revenue between the close of the deal and the end of the fiscal year 2022.