Dialog Semiconductor to Buy Atmel for $4.6 Billion
Deal expected to be completed in first quarter of 2016
U.K.-based chip maker Dialog Semiconductor PLC said Sunday it has agreed to buy U.S. peer Atmel Corp. for a total of $4.6 billion in cash and shares.
Both companies’ boards of directors have approved the transaction, which is expected to close in the first quarter of 2016, Dialog said.
Dialog expects the transaction to result in annual savings of $150 million within two years. The company will fund the takeover with existing cash, new debt and shares.
Dialog wasn’t immediately available for further comment.