Tessera Holding Corp. closed on its $850 million acquisition of DTS Inc. on Thursday, and DTS shares will no longer trade on the Nasdaq.
The Calabasas audio technology company’s shares closed at $42.52 on its final day of trading.
The all-cash deal between DTS and Tessera, in San Jose, was announced in September. DTS and Tessera Holding subsidiary, Tessera Technologies Inc. will be combined under Tessera Holding Corp. and shares will continue to trade on the Nasdaq under Tessera’s ticker symbol, TSRA.
In the first quarter of next year, the company will introduce a new corporate name, stock ticker and logo.
Jon Kirchner, former DTS chief executive who is now president of Tessera Holding Corp., said uniting with Tessera will innovate a new generation of products to power the next wave of content delivery and electronic devices.
“These solutions will help deliver ever more immersive experiences and help transform how we interact with the rapidly growing number of connected devices at home, in the car and on the go,” Kirchner said in a prepared statement.
DTS was founded in 1993 and its initial products were for digital multi-channel audio in movie theaters before transitioning to serve the home entertainment and vehicle markets. Revenue for the quarter ending Sept. 30 totaled about $48.7 million.
Tessera started in 1990 making semiconductor packaging and later expanded into image and video enhancement and analysis. Its revenue for the third quarter ending Sept. 30 was $62.4 million.