Cadence to Acquire Tensilica for $380 MMar. 13, 2013
Cadence Design Systems, Inc. today announced plans to acquire Tensilica, Inc. for approximately $380 million in cash. Tensilica had approximately $30 million of cash as of December 31, 2012.
"With Tensilica, we will be able to provide designers with a more complete SoC solution that will speed the development of innovative and differentiated products, while reducing time to market," said Lip-Bu Tan, president and chief executive officer of Cadence. "We look forward to working with Tensilica's dedicated employees as one team to bring even more value to our customers."
Cadence intends to finance the transaction with available cash and an existing revolving credit facility. The transaction is expected to close in the second quarter of fiscal 2013, subject to customary closing conditions including regulatory approvals.
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