Monday, June 29, 2009

IDT Completes Acquisition of Tundra Semiconductor

SAN JOSE, Calif.--(BUSINESS WIRE)--IDT® (Integrated Device Technology, Inc.)(NASDAQ: IDTI), a leading provider of essential mixed signal semiconductor solutions that enrich the digital media experience, today announced the closing of its acquisition of all of the shares of Tundra® Semiconductor Corporation (TSX: TUN) for aggregate cash consideration of approximately CDN $120.8 million.

The Tundra acquisition is expected to strengthen the IDT product portfolio of serial switching and bridging using PCI Express®, Rapid IO® and VME interconnect standards. Additionally, the Tundra technology, combined with the IDT mixed signal product portfolio and channel capabilities, is intended to further reinforce the IDT leadership in interconnect solutions for the communication, computing and embedded segments.

“Tundra is a great company, bringing a wealth of technologies and capabilities to IDT that are complementary to our existing product portfolios for RapidIO and PCI Express. We believe that this strategic combination will provide customers with a broader product offering as well as improved service, support and a future roadmap for serial connectivity,” said Dr. Ted Tewksbury, president and CEO of IDT. “In addition, we currently project that this acquisition will be financially accretive to IDT’s non-GAAP EPS in the second full fiscal quarter of IDT combined operations.”