Notable Mergers and Acquisitions of the Day 05/07: (BIDU) (CDNS)
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* Baidu.com (Nasdaq: BIDU) announced the acquisition of the online video business of leading Internet video provider PPS for US $370 million.
Baidu and PPS expect the transaction to close in the second quarter of 2013, subject to customary closing conditions. Upon completion of the transaction, the PPS online video business will be consolidated into Baidu's financial statements. PPS's online video business will be merged with Baidu's own video platform iQiyi.
The combined entity will become China's largest online video platform by number of mobile users and video viewing time. PPS will continue to operate as a sub-brand of iQiyi.
After the acquisition, Gong Yu will continue to be CEO of iQiyi. Zhang Hongyu and PPS president Xu Weifeng will serve as co-presidents at iQiyi, and will be in charge of the PPS sub-brand and new business development.
* Cadence Design Systems, Inc. (Nasdaq: CDNS) announced its intent to acquire the IP business of Evatronix SA SKA, adding to its rapidly expanding IP offering. Based in Poland, Evatronix delivers a silicon-proven IP portfolio, which includes certified USB 2.0/3.0, Display, MIPI, and storage controllers, which are highly complementary to Cadence's IP offering.
Evatronix co-founder and president Wojciech Sakowski said, "Evatronix's IP cores and services are designed for ease-of-integration, quality and time-to-market. As part of Cadence, we will be able to reach more customers globally and to accelerate our IP roadmaps. The integration with Cadence will allow our customers to get to market faster with less effort."
The acquisition is expected to close in the second quarter of 2013, and is not expected to have a material impact on Cadence's balance sheet or second quarter or fiscal 2013 results of operations. Terms of the transaction were not disclosed.
To keep up on all the Mergers & Acquisitions data in real-time, go to our new M&A Insider page.
Baidu and PPS expect the transaction to close in the second quarter of 2013, subject to customary closing conditions. Upon completion of the transaction, the PPS online video business will be consolidated into Baidu's financial statements. PPS's online video business will be merged with Baidu's own video platform iQiyi.
The combined entity will become China's largest online video platform by number of mobile users and video viewing time. PPS will continue to operate as a sub-brand of iQiyi.
After the acquisition, Gong Yu will continue to be CEO of iQiyi. Zhang Hongyu and PPS president Xu Weifeng will serve as co-presidents at iQiyi, and will be in charge of the PPS sub-brand and new business development.
* Cadence Design Systems, Inc. (Nasdaq: CDNS) announced its intent to acquire the IP business of Evatronix SA SKA, adding to its rapidly expanding IP offering. Based in Poland, Evatronix delivers a silicon-proven IP portfolio, which includes certified USB 2.0/3.0, Display, MIPI, and storage controllers, which are highly complementary to Cadence's IP offering.
Evatronix co-founder and president Wojciech Sakowski said, "Evatronix's IP cores and services are designed for ease-of-integration, quality and time-to-market. As part of Cadence, we will be able to reach more customers globally and to accelerate our IP roadmaps. The integration with Cadence will allow our customers to get to market faster with less effort."
The acquisition is expected to close in the second quarter of 2013, and is not expected to have a material impact on Cadence's balance sheet or second quarter or fiscal 2013 results of operations. Terms of the transaction were not disclosed.
To keep up on all the Mergers & Acquisitions data in real-time, go to our new M&A Insider page.
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