Cirrus Logic completes $467M acquisition

Aug 22, 2014
Austin Business Journal

Cirrus Logic Inc. has completed the $467 million acquisition of Scotland-based Wolfson Microelectronics PLC announced by company executives in April

The acquisition is expected to increase the Austin company’s exposure to the massive Android smartphone market while lessening its reliance on main customer Apple Inc. (Nasdaq: AAPL)

Cirrus Logic (Nasdaq: CRUS), founded in 1984, develops integrated circuits for products such as smartphones, tablets and other electronic devices. It employs about 652 workers

Wolfson (LON: WLF), a developer of portable audio applications, is the second acquisition in 10 months for Cirrus Logic, which has been dogged by critics who claimed the company needed to diversify beyond Apple

In October 2013, Cirrus Logic acquired Arizona-based Acoustic Technologies Inc. for an undisclosed amount

The Wolfson deal was financed by a combination of existing cash coupled with $225 million in debt funding, company executives have said

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