85.7 F
San Fernando
Monday, Apr 22, 2024

Semtech Sells Snowbush IP Unit

Semtech Corp. will sell its Snowbush IP business unit for $32.5 million, the company announced Monday. The Camarillo semiconductor manufacturer said the buyer, Rambus Inc. in Sunnyvale, could make additional payments to Semtech through 2022 based on a percentage of sales of new products from the sold assets. The transaction is expected to close in the second quarter of Semtech’s fiscal year 2017. “The planned divestiture of our Snowbush business is consistent with our practice to exit businesses that are no longer determined to be aligned with the company’s core, long-term strategy,” Mohan Maheswaran, Semtech’s chief executive, said in a statement. Semtech focuses on the analog and mixed signal products market segment. Shares closed up 26 cents or 1.1 percent to $24.16 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

Featured Articles

Related Articles