Exar Completes Merger with Integrated Memory Logic
Exar Corporation has completed its merger with Integrated Memory Logic Limited (iML) a leading provider of power management and color calibration solutions for large and medium-sized flat panel displays used in televisions and tablets. The transaction was completed through a second-step merger to acquire all of the remaining outstanding shares of iML. As of September 15, 2014, Exar owns 100% of the outstanding stock of iML and iML stock is no longer publicly trading.
Exar, through its newly formed Cayman Islands subsidiary, acquired all of the outstanding shares of iML for NT$91.00 (approximately US$3.02) per iML share in cash. The final gross transaction value was approximately US$224 million (NT$6.8 billion), or approximately US$91 million (NT$2.7 billion) net of cash acquired.
iML is a fabless semiconductor company, which develops and markets application specific analog, power management, and mixed signal integrated circuits. iML ICs are optimized primarily for the display, mobile systems and lighting markets. The Company is an industry leader in the field of color control management, and has an extensive portfolio of products in power management and LED drivers.
â€œThe merger with iML increases the diversity of our served markets and provides significant incremental scale,â€ said Louis DiNardo, Exarâ€™s President and CEO. â€œWe are very excited about iMLâ€™s new product pipeline for display solutions in both large flat panel and tablet applications as well as a the highly differentiated solutions for LED lighting. In LED lighting we can reduce cost and improving reliability. This is a powerful alternative to current solutions and we believe we can capture meaningful market share in this high growth market,â€ concluded Mr. DiNardo.
Shuen Chang, co-founder and CEO of iML, has been named president of Exarâ€™s new iML display and lighting products. Mr. Chang added, â€œiML has had a very successful history, and by combining with Exar we will see sales and operational synergies which will enable us to take advantage of our strengths of product and technological leadership and grow our business.â€