Intersil and Techwell have entered into a definitive agreement for Intersil to acquire Techwell through a cash tender offer at US$18.50 per share. Along with Techwell's cash and equivalents, the transaction values Techwell at approximately $370 million.
Techwell, with more than 200 employees in the U.S., China, Japan, South Korea and Taiwan, is a fabless semiconductor company that designs and sells mixed signal video solutions for the security surveillance and automotive infotainment markets.
"Techwell's team and products will expand our leadership in two high-growth industrial markets," said Dave Bell, Intersil's President and Chief Executive Officer. "The addition of Techwell's mixed signal video products will help our customers build solutions that improve performance, reduce overall cost and shorten time-to-market."
"We are very excited to join the Intersil family," said Hiro Kozato, Techwell's President and CEO. "This combination will help us deliver a much broader product offering in Techwell's end markets."
The acquisition is expected to be accretive to Intersil's 2010 earnings, excluding one-time costs and other acquisition-related charges. It is expected to close during Intersil's second quarter and is subject to customary regulatory approvals, including the tender of at least 50 percent of Techwell's outstanding shares.