Today's News |
Sierra Wireless and Semtech Clear Final Hurdle for $1.2 Billion Acquisition to Close Next Week
Friday, January 6, 2023Company Profile | Careers | Follow Company
Richmond, BC, January 6, 2023--(T-Net)--Richmond-based Sierra Wireless, Inc. (Nasdaq: SWIR, TSX: SW) and Semtech Corporation (Nasdaq: SMTC) today announced the termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act").
Sierra Wireless, Inc., an Internet of Things (IoT) solutions provider, announced an agreement under which Semtech, a supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms, would acquire Sierra Wireless for $1.2 billion in August 2022.
As previously disclosed on October 18, 2022, Semtech and Sierra each received a request for additional information and documentary material (the "Second Request") from the Antitrust Division of the U.S. Department of Justice (the "DOJ") in connection with the DOJ's review of Semtech's pending acquisition of Sierra.
On January 5, 2023, Semtech and Sierra were notified that the waiting period has now been terminated.
The parties currently anticipate that the closing of the Acquisition Transaction will occur on or about January 12, 2023, subject to the satisfaction (or, to the extent permitted by applicable law, waiver) of the closing conditions set forth in the Arrangement Agreement that by their nature are to be satisfied at the closing of the Transaction.
About Sierra Wireless
Sierra Wireless is a world leading IoT solutions provider that combines devices, network services, and software to unlock value in the connected economy.
Sierra Wireless works with its customers to develop the right industry-specific solution for their IoT deployments, whether this is an integrated solution to help connect edge devices to the cloud, a software/API service to manage processes with billions of connected assets, or a platform to extract real-time data to improve business decisions.
With more than 25 years of cellular IoT experience, Sierra Wireless is a global partner customers trust to deliver them their next IoT solution.
About Semtech
Semtech Corporation is a leading global supplier of high performance analog and mixed-signal semiconductors and advanced algorithms for infrastructure, high-end consumer and industrial equipment. Semtech's products are designed to benefit the engineering community as well as the global community.
Semtech is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction. Publicly traded since 1967, Semtech is listed on the Nasdaq Global Select Market under the symbol SMTC.
"Sierra Wireless" is a registered trademark of Sierra Wireless, Inc. Other product or service names mentioned herein may be the trademarks of their respective owners. Forward Looking Statements This press release contains forward-looking statements. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations but involve risks and uncertainties. These statements may relate to, among other things: plans and timing for the introduction or enhancement of our products and services, future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans that are not historical fact. [ MORE ] |
Company Snapshot |
||
Sierra Wireless (a Semtech Company)
Richmond, BC (Wireless)
|
Other Recent Company News |
|||||||||||||||||||
|