Exar buys Taiwanese display, lighting chip company
However, iML (Taipei, Taiwan) is a successful public company with cash on hand and so the deal will only cost Exar NT$3.1 billion (about US$94 million), net of cash acquired.
iML develops and markets application-specific analog, power management, and
mixed-signal ICs that are optimized primarily for the display, mobile systems and lighting markets. The company is a leader in the field of color control management, and has a portfolio of products in power management and LED driving.
The deal, which has been approved by iML’s board of directors, supports Exar’s strategy of building a large scale diversified analog and mixed-signal business. The transaction, being conducted through a subsidiary of Exar called Image Sub Ltd. The deal is expected to close in the second quarter of fiscal 2015 with a target completion date for the merger between Exar and iML is set for September 19, 2014.
"The acquisition of iML will increase the diversity of the markets we serve and add highly differentiated analog mixed-signal and power management products to our portfolio. iML is a leading provider of power management and color calibration solutions for large and medium-sized flat panel displays in the LED television market as well as high-resolution tablets. The company serves customers in Korea, Taiwan, Japan and China, which will enhance Exar’s existing presence in these markets. Additionally, iML has demonstrated consistent profitability and gross margins that reflect the value of the company’s differentiated products," said Louis DiNardo, CEO of Exar, in a statement.
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