(Bloomberg) – MaxLinear Inc., a maker of chips for broadband communications, announced the termination of its attempt to acquire Silicon Motion Technology Corp., bringing an end to a cash-and-stock deal worth $3.8 billion.
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In a statement released on Wednesday, the Carlsbad, California-based company stated that Taiwan-based Silicon Motion failed to fulfill certain closing conditions, experienced a “material adverse effect,” and breached agreements.
The transaction, which would have been MaxLinear’s largest, was originally scheduled to close in the first half of this year.
Silicon Motion specializes in manufacturing NAND flash controllers for solid-state storage devices. It also supplies data center and specialized industrial and automotive solid-state drives.
This announcement comes shortly after the transaction received approval from regulators in China, the largest market for semiconductors. Following this approval, Silicon Motion’s US-listed shares rose 25% on Wednesday, albeit with certain conditions attached…
2023-07-26 15:53:50
Link from finance.yahoo.com
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