SAN FRANCISCOPCI Express Internet chip vendor PLX Technology Inc. said Monday (Dec. 16) it signed a definitive agreement to acquire Oxford Semiconductor Inc., a privately held fabless provider of silicon and software for the consumer and small office/home office storage markets, in a deal worth at least $14.2 million.
PLX (Sunnyvale, Calif.) said Oxford Semiconductor was established in 1992 and had $29 million in unaudited revene for the first nine months of 2008. Oxford Semiconductor is headquartered in Milpitas, Calif.
"We see a convergence of PLX's system interconnect business and Oxford's storage interconnect business in customers' core technologies and products that will, in the future, need to incorporate technologies from both companies," said Bill Schroeder, CEO of Oxford Semiconductor, in a statement.
PLX Technology will acquire all of the outstanding shares of capital stock of Oxford Semiconductor in exchange for 5.6 million shares of common stock of PLX, as well as a promissory note in the aggregate principal amount of $14.2 million. The note will be satisfied either by the issuance of an additional 3.4 million shares or repayment of the note by June 30, 2009, PLX said.