Microchip Technology To Buy Supertex For Total Equity Value Of About $394 Mln

(RTTNews) - Microchip Technology Inc. (MCHP), a provider of microcontroller, mixed-signal, analog and Flash-IP solutions, said Monday that it agreed to acquire Supertex Inc. (SUPX) for $33 per share in cash, which represents a total equity value of about $394 million, and a total enterprise value of about $246 million, after excluding Supertex's cash and investments on its balance sheet of approximately $148 million.

The acquisition is expected to be accretive to Microchip's non GAAP earnings per share in the first full quarter after completion of the acquisition.

The acquisition has been unanimously approved by the Boards of Directors of each company and is expected to close in the second quarter of calendar 2014, subject to approval by Supertex's stockholders, regulatory approvals and other customary closing conditions.