Semtech Completes Divestiture of Its Snowbush IP Business
August 08 2016 - 04:30PM
Semtech Corporation (Nasdaq:SMTC), a leading supplier of analog and
mixed-signal semiconductors, today announced it completed the
previously announced divestiture of its Snowbush IP business
(previously part of the Company’s Systems Innovation Group) to
Rambus Inc. (Nasdaq:RMBS) on August 5, 2016.
The final total purchase price was approximately $32.0 million
in cash, plus the opportunity to receive additional payments from
Rambus through 2022 based upon a percentage of sales by Rambus of
new products expected to be developed by Rambus from the disposed
assets. Semtech will recognize a gain on the disposition of
this business in the third quarter of fiscal 2017. Other than
this gain, the divestiture will not have a material impact on the
Company’s consolidated financial statements.
About SemtechSemtech Corporation is a leading
supplier of analog and mixed-signal semiconductors for high-end
consumer, enterprise computing, communications and industrial
equipment. Products are designed to benefit the engineering
community as well as the global community. The Company 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. For more information, visit
http://www.semtech.com.
Forward-Looking and Cautionary Statements All
statements contained herein that are not statements of historical
fact including, without limitation, statements regarding the
expected impact of the disposition on the Company's consolidated
financial statements and other statements that use the words "will"
or other similar words or expressions, that describe Semtech
Corporation’s or its management’s future plans, objectives or goals
are “forward-looking statements” and are made pursuant to the
Safe-Harbor provisions of the Private Securities Litigation Reform
Act of 1995, as amended. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that could cause the actual results of Semtech Corporation to be
materially different from the historical results and/or from any
future results or outcomes expressed or implied by such
forward-looking statements. Such factors are further
addressed in Semtech Corporation’s annual and quarterly reports,
and in other documents or reports, filed with the Securities and
Exchange Commission (www.sec.gov) including, without limitation,
information under the captions “Management's Discussion and
Analysis of Financial Condition and Results of Operations” and
“Risk Factors”. Semtech Corporation assumes no obligation to
update any forward-looking statements in order to reflect events or
circumstances that may arise after the date of this release, except
as required by law.
Semtech and the Semtech logo are registered marks of Semtech
Corporation.
Contact:
Sandy Harrison
Semtech Corporation
(805) 480-2004
webir@semtech.com
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