PLANO, Tex. -- Microtune Inc. here today announced a definitive agreement to acquire Transilica, Inc., a San Diego-based developer of chips based on Bluetooth technology, for about $152 million in stock.
The acquisition gives Plano-based Microtune a quick entry into the Bluetooth-chip market. Earlier this year, Transilica rolled out its first product--a single-chip Bluetooth device.
The San Diego-based company is also developing chip products for other 2.4-GHz applications, such as 802.11, according to officials from Microtune.
The deal will also enable Microtune to build on its core radio-frequency (RF) silicon and systems technologies. The company's RF products are geared for automotive, cable-modem products, set-top boxes, and other applications.
"The Transilica acquisition is a significant investment in our future," said Douglas J. Bartek, chairman and CEO of Microtune. "We expect the revenues of the combined companies to be in the $120 million range for 2002, an increase of 40% from existing analysts estimates and approximately double the 2001 revenues of Microtune," he said.
"It will not affect Microtune's internal projections for break-even in the back half of 2002, and while it does require some cash during the ramp-up phase, Microtune will not need to access capital markets for additional funding for this acquisition," he added.
Under the terms of the agreement, 19.99% of Microtune's outstanding shares will be issued in exchange for all of the common stock, preferred stock, and stock options of Transilica.
The acquisition, which is expected to occur in November, 2001, is subject to a number of conditions, including obtaining required third-party consents.
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