WASHINGTON (dpa-AFX) - Synaptics Incorporated (SYNA) and DSP Group, Inc. (DSPG) have agreed to combine in an all-cash deal. Under the agreement, Synaptics will acquire DSP Group at $22.00 per share.
DSP Group is a global provider of wireless chipsets for smart-enabled devices. Synaptics anticipates the acquisition to generate annual run rate synergies of $30 million for the new entity to be realized within 12 months of closing and to be immediately accretive to non-GAAP earnings.
'We continue to invest in technologies that tilt our product mix toward IoT applications,' said Michael Hurlston, CEO of Synaptics.
Shares of DSP Group were up 17% in pre-market trade on Monday.
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