Calabasas-based DTS Inc.—a maker of high-definition audio technology equipment—has agreed to acquire Santa Ana’s SRS Labs Inc. for about $148 million.
The cash-and-stock deal for audio technology developer SRS, announced Tuesday, is valued at $9.50 per share, or a 38 percent premium over SRS’s closing price a day earlier.
“This transaction represents an exciting extension of our strategic focus on the compelling long-term opportunities being driven by cloud-based entertainment delivery and the proliferation of connected devices,” DTS CEO Jon Kirchner said in a statement.
Kirchner said the acquisition allows DTS to “accelerate our expansion in the key growth areas of mobile and other network-connected device markets, as well as to drive innovation and create significant near- and long-term value for our shareholders.”
DTS closed up 1.65 percent at $30.24. SRS closed up 36.88 percent at $9.39.