Power Integrations (POWI) to Acquire CT-Concept Technologie AG for $115M
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Power Integrations (Nasdaq: POWI) today announced that it has signed an agreement to acquire privately held CT-Concept Technologie AG (known as CONCEPT) for approximately 105 million Swiss francs in cash, or about US$115 million, net of cash assumed.
Based on full-year 2011 results, Power Integrations estimates that the acquisition will add approximately 10 percent to its annual revenues, and expects the transaction to be immediately accretive to its non-GAAP gross margin, operating margin and earnings per share. The company expects the transaction to close during the second quarter of 2012.
In conjunction with its approval of this transaction, Power Integrations’ board of directors has cancelled the company’s previously announced $30 million share-repurchase authorization.
Based on full-year 2011 results, Power Integrations estimates that the acquisition will add approximately 10 percent to its annual revenues, and expects the transaction to be immediately accretive to its non-GAAP gross margin, operating margin and earnings per share. The company expects the transaction to close during the second quarter of 2012.
In conjunction with its approval of this transaction, Power Integrations’ board of directors has cancelled the company’s previously announced $30 million share-repurchase authorization.
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