LONDON – Canadian IP licensor Mosaid Technologies Inc. has said that shareholders have approved a plan for Sterling Fund Management LLC, a private equity company, to acquire the company for a cash payment of $46 Canadian a share or about $590 million (Canadian or about US$570 million).
The deal is expected to close by the end of the week on Dec. 23, 2011 and is set to trump a similar one in which Wi-Lan Inc. (Ottawa, Ontario) offered $490 million (Canadian, about US$470 million) for the outstanding shares in Mosaid.
Mosaid (Ottawa, Ontario) was founded in 1975 by Richard Foss and Robert Harland and has developed two main licensing programs; one for semiconductor technology and one for telecommunications technology. The company claims to have more than 2,001 patents to its credit. Mosaid's starting point was in the development of semiconductor technologies related to memory and DRAM in particular. Mosaid now bills itself as one of the world's leading intellectual property companies, focused on the licensing and development of semiconductor and communications technologies.
Sterling Partners (Northbrook, Illinois) is a private equity firm approximately $5 billion of assets under management.
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