Wednesday, September 7, 2011

Qualcomm to Acquire Video Processing Assets from IDT

SAN DIEGO and SAN JOSE, California — September 7, 2011 — Integrated Device Technology, Inc. ( IDT ® ; NASDAQ: IDTI) and Qualcomm Incorporated (NASDAQ: QCOM ) today announced the signing of a definitive agreement to transfer the design team of IDT’s Hollywood Quality Video™ (HQV™) and Frame Rate Conversion (FRC) Video Processing product lines and certain related assets to Qualcomm. In addition, under the terms of the agreement, both companies will explore opportunities to include IDT’s broad portfolio of mixed-signal products into Qualcomm reference designs. The all-cash transaction has received appropriate corporate approvals and is anticipated to close in the coming weeks, subject to the completion of certain closing conditions.