CSR announces merger with Zoran
Under the terms of the merger agreement, it is proposed that Zoran shareholders will receive 1.85 ordinary shares of CSR in the form of American Depositary Shares for each share of Zoran common stock held. In addition, CSR announces that it intends to return up to US$240 million to shareholders via an on-market share buyback programme.
CSR is a global leader in wireless connectivity and location. Zoran provides market-leading imaging and video technology for digital camera, home entertainment and multifunction printer products. In 2010, Zoran had total pro forma revenues of $441 million.
The merged company will provide differentiated, integrated technology that addresses the rapidly growing market for connected, location-aware multimedia devices including handsets, digital cameras and home entertainment equipment. Combining the two highly complementary technology portfolios is designed to uniquely position the merged company to deliver advanced platforms to capture and stream media-rich content. This will strengthen the ability of the combined customer base to provide differentiated products to the end consumer.
The merger is designed to:
- Strengthen CSR’s core business by adding imaging and video capabilities within its existing end markets;
- Create new growth opportunities within global consumer markets such as internet enabled, location-aware digital cameras and the next generation of home entertainment products and peripherals;
- Provide a step change in CSR’s total scale and addressable market, creating a top 10 fabless semiconductor company; and
- Accelerate CSR’s strategic shift into higher margin platforms and integrated solutions.
For further information: www.csr.com.
