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LONDON (Alliance News) - CML Microsystems PLC on Friday said it has agreed to acquire China-based Wuxi Sicomm Technologies Ltd and affiliated companies for USD11.0 million in cash and shares.
CML, which makes mixed-signal and radio frequency semiconductors, will pay the consideration using existing cash resources and by issuing 774,181 shares. It expects the deal to closed in the first half of its current financial year to the end of March 2017.
Sicomm is a Wuxi, China-based semiconductor company which focuses on developing integrated baseband processors and RF semiconductors for global wireless communication markets.
CML said the deal expands its product portfolio and will boost its position in the professional and industrial wireless communication semiconductor market.
"This dedicated and experienced team will be an important asset as we continue to focus on sustainable growth. Sicomm's product range, trading relationships and technical support abilities complement and enhance the group's existing skills and strategy, and are expected to enable compelling technical and commercial benefits for our customers," said CML Managing Director Chris Gurry.
CML shares were untraded on Friday morning, having last traded at 355.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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