微芯科技9.39亿美元收购竞争对手SMSC

国际电子商情讯，美国整合单片机、模拟器件和闪存专利解决方案的供应商，芯片制造商美国微芯科技公司将以9.39亿美元收购竞争对手Standard Microsystems Corp（SMSC），以扩大汽车电子与消费电子行业的芯片市场份额。 通过收购SMSC，Microchip计划将在消费和工业市场进行扩张。 报道称，SMSC制造混合信号连通解决方案，能够让数据连接到USB设备和无线音频产品当中。微芯与SMSC均生产消费电子设备的嵌入式微控制器。这些设备包括电视机、汽车仪表等等。凯普斯通投资分析师杰弗里·施雷纳（Jeffrey Schreiner）称：“或许微芯认为他们可以借助SMSC的生产线促进汽车制造相关的芯片业务增长。SMSC近几年的确做得非常成功。” 当前SMSC市值为5.88亿美元。2011财政年，该公司的汽车芯片销售业务营收8460万美元，而汽车芯片业务是其第三大业务，增长较为迅速。相比而言，微芯公司的市值为67.7亿美元，并以每股37美元的价格收购SMSC。根据汤姆森路透发布的数据，SMSC拥有2240万股股票，收购价格也是据此算出。 微芯表示，交易的全部股本价值将达到9.39亿美元。除去SMSC账户上1.73亿美元的资金及投资，该企业价值将达到7.66亿美元。 如果这笔交易能够达成，它将是微芯公司有史以来最大的一笔收购计划。 Microchip预计，这一收购交易预计将于今年第三季度完成，在收购完成之后，公司的净利润将有望获得大幅提升。 Microchip股价周三在早盘交易中跌幅不到1%，股价为35美元。 本文授权编译自EE Times，版权所有，谢绝转载 参考英文原文：Microchip to buy SMSC, plotting new expansion,by Junko Yoshida

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{pagination} Microchip to buy SMSC, plotting new expansion Junko Yoshida NEW YORK – Microchip Technology has announced its signing of a definitive agreement to acquire Standard Microsystems Corporation (SMSC), a company focused on mixed-signal connectivity solutions, for $37.00 per share in cash, which represents a total equity value of about $939 million. SMSC’s balance sheet consists of cash and investments worth about $173 million, making a total enterprise value of some $766 million, according to Microchip. The deal puts Microchip – long known as a “long-tail” company with 70,000 customers – on a new trajectory. With the SMSC acquisition, Microchip will likely be more exposed to the fast-changing, low-margin consumer market it has long avoided. (SMSC has a sizable business in input/output connectivity technologies in computing and consumer products.) On the other hand, the acquisition will surely help Microchip expand into the automotive “infotainment” market -- a key to the company’s growth strategy. Microchip will ride on coattails of MOST (Media Oriented Systems Transport) bus, a high-speed multimedia network technology designed for the automotive industry, of which SMSC is a founding member and market leader, with close connections with automotive OEMs. In a conference call Wednesday, Steve Sanghi, Microchip’s President and CEO, said of the acquisition, “We have very little product overlap, while we share many common customers.” That gives both companies “cross-selling” opportunities, he said. Microchip is also attracted to SMSC’s rich IP portfolio and building blocks. Sanghi said that SMSC adds a strong patent portfolio to Microchip’s. Microchip takes over some 300 SMSC patents, in addition to 100 patents pending. Among various SMSC product lines, Microchip identified two – automotive and wireless audio – as fast-growing segments. In automotive alone, SMSC has leading positions in four key technologies: MOST bus for high-bandwidth infortainment backbone; Ethernet for diagnostic and software download; USB as consumer port (for mobile device connection); and Kleer, a proprietary standard, that provides low power, uncompressed, high-quality wireless audio and control. Speaking of MOST, in which SMSC has strong working relationship with leading automotive OEMs, and has supplied USB, Ethernet and other wireless technologies, Sanghi said, “MOST is a dominant standard and I know SMSC has a leading position. We also know that the company has a number of design-wins in the pipeline.” Sanghi expressed his hope that the deal will open doors for Microchip, allowing it to pitch its own microcontrollers and analog components for next-generation automotive infotainment systems. “Automotive OEMs are making architectural choices right now,” said Sanghi. Asked by financial analysts what divisions or product lines of SMSC Microchip might think about pruning, Sanghi declined to comment. Noting SMSC’s annual sales of $412 million (in the fiscal year ending Feb., 29, 2012) and its 54.4 percent non-GAAP gross margin, Sanghi said, “Not a tremendous number of surgeries are needed here.” In merging the two companies, Sanghi said, the first step is to take SMSC to a horizontal market loaded with 70,000 customers – a strategy familiar to Microchip . Looking back on the time Microchip got into the touch controller business, Sanghi remembered skeptics who said the technology was exclusive to the cell phone market. “But we found a plenty of design wins in industrial and automotive markets for touch.” Sanghi is convinced that Microchip can perform similar magic on some of SMSC’s technologies. Asked if Microchip might plan to drive its embedded memory into SMSC's chips used in computers, Sanghi made it clear, “We have no intention to grow our memory business at the expense of margin disciplines.” He added that the company’s mindset for memory strategy is in going for profitability, not for market share.” All of which comes down to the old refrain: How these two strangers are going to get along together is still, mostly, mystery.