- Avnera Adds Highly Differentiated
Analog/Mixed Signal Audio, Voice and Speech Processing Engines
- Substantially Expands Skyworks’ TAM in
Synergistic, High Growth Applications
- Extends Reach across Artificial
Intelligence, IoT, Enterprise and Automotive Markets
- Expected to Enhance Skyworks’ Gross
Margin and be Immediately Accretive to Earnings
- Anticipated to Close by September
2018
Skyworks Solutions, Inc. (NASDAQ: SWKS), an innovator of high
performance analog semiconductors connecting people, places and
things, today announced it signed a definitive agreement to
purchase Avnera Corporation, a leading developer of Analog System
on Chips (ASoCs). Acquisition of Avnera, a private fabless
semiconductor supplier, augments Skyworks’ leadership in wireless
connectivity by adding ultra-low power analog circuits to enable
smart interfaces via acoustic signal processing, sensors and
integrated software. Upon consummation of the transaction, Skyworks
will expand its addressable market by over $5 billion. Target
applications include AI speakers/microphones, virtual assistants,
intelligent gaming controllers and vehicle in-dash systems as well
as wired/wireless headsets.
“Voice is increasingly becoming the primary interface for
artificial intelligence and Internet of Things applications.
Skyworks’ acquisition of Avnera will enable us to capitalize on the
rapid proliferation of audio functionality and its convergence with
our advanced connectivity solutions,” said Liam K. Griffin,
president and chief executive officer of Skyworks. “With Skyworks’
global sales channels, strong customer relationships and
operational scale, we plan to leverage Avnera’s innovative product
portfolio and systems expertise to increase our footprint in
automotive, industrial, home automation, enterprise and high-end
consumer markets. In short, this transaction perfectly complements
Skyworks’ product roadmap and will be highly synergistic across a
broader customer set.”
“We are extremely excited to be joining forces with Skyworks to
offer customers complete system solutions for next generation smart
interface applications,” said Manpreet Khaira, chairman, president
and chief executive officer of Avnera. “Both companies share a
vision of enabling ubiquitous, always-on communications through
highly customized designs. Together, we can develop, deliver and
rapidly scale audio products with unprecedented integration and
performance for the increasingly connected wireless world.”
At the heart of Avnera’s system solutions are market-specific
ASoCs that combine breakthrough audio/voice analog circuits, highly
efficient power management and custom hardware accelerators for
smart acoustic signal processing/AI features. Avnera’s ASoCs
achieve the highest level of integration in the industry and set a
new performance watermark from a power consumption and footprint
standpoint ─ all underpinned by more than 100 issued and pending
patents. Key Avnera customers include Harman, JBL, Panasonic,
Philips, Pioneer, Polk, Samsung, Sennheiser, Sony, Vizio and
Yamaha.
Skyworks will pay $405 million in cash to Avnera equity holders
at closing with up to an additional $20 million if certain
performance targets are exceeded over a 12-month post-closing
period. The transaction has been approved by the boards of
directors of both Skyworks and Avnera and is anticipated to close
by September 2018, subject to customary closing conditions.
Excluding any non-recurring acquisition-related charges and
amortization of intangibles, Skyworks expects the acquisition to be
immediately accretive to diluted earnings per share.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking
revolution. Our highly innovative analog semiconductors are
connecting people, places and things spanning a number of new and
previously unimagined applications within the aerospace,
automotive, broadband, cellular infrastructure, connected home,
industrial, medical, military, smartphone, tablet and wearable
markets.
Skyworks is a global company with engineering, marketing,
operations, sales and support facilities located throughout Asia,
Europe and North America and is a member of the S&P 500® and
Nasdaq-100® market indices (NASDAQ: SWKS). For more information,
please visit Skyworks’ website at: www.skyworksinc.com.
About Avnera
Since 2004, Avnera has been designing Analog System-on-Chips,
integrating breakthrough low-power analog circuits. As pioneers of
Analog System-on-Chip (ASoC) technology, Avnera works closely with
its partners to transform markets. Over the last decade, Avnera has
delivered circuit and system innovations that have set a new bar in
minimizing power consumption and footprint sizes. The world’s most
respected brands trust Avnera to deliver disruptive features for
their most innovative products.
Safe Harbor Statement
Any forward-looking statements contained in this press release
are intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. Forward-looking statements include without limitation
information relating to future events, results and expectations of
Skyworks. Forward-looking statements can often be identified by
words such as “anticipates,” “expects,” “forecasts,” “intends,”
“believes,” “plans,” “may,” “will” or “continue,” and similar
expressions and variations (or negatives) of these words. Actual
events and/or results may differ materially and adversely from such
forward-looking statements as a result of certain risks and
uncertainties including, but not limited to, our ability to satisfy
the closing conditions and close our acquisition of Avnera
Corporation; our ability to successfully integrate Avnera
Corporation’s operations; our ability to make certain investments
and acquisitions, integrate companies we acquire, and/or enter into
strategic alliances; changes in laws, regulations and/or policies
that could adversely affect our operations and financial results;
our ability to continue to grow and maintain an intellectual
property portfolio and obtain needed licenses from third parties;
our ability to retain, recruit and hire key executives, technical
personnel and other employees in the positions and numbers, with
the experience and capabilities, and at the compensation levels
needed to implement our business and product plans; our ability to
obtain design wins from customers; our ability to timely and
accurately predict market requirements and evolving industry
standards and to identify opportunities in new markets; our ability
to develop, manufacture, and market innovative products and avoid
product obsolescence; our ability to compete in the marketplace and
achieve market acceptance of our products; the availability and
pricing of third-party semiconductor foundry, assembly and test
capacity, raw materials and supplier components; the quality of our
products; and other risks and uncertainties identified in the “Risk
Factors” section of Skyworks’ most recent Annual Report on Form
10-K (and/or Quarterly Report on Form 10-Q) as filed with
the Securities and Exchange Commission (“SEC”). Copies of
Skyworks’ SEC filings can be obtained, free of charge, on
Skyworks’ website (www.skyworksinc.com) or at the SEC’s website
(www.sec.gov). Any forward-looking statements contained in this
press release are made only as of the date hereof, and we undertake
no obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or
otherwise.
Note to Editors: Skyworks and the Skyworks symbol are trademarks
or registered trademarks of Skyworks Solutions, Inc. or its
subsidiaries in the United States and other countries. Third-party
brands and names are for identification purposes only, and are the
property of their respective owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20180806005171/en/
Skyworks Solutions, Inc.Media Relations:Pilar
Barrigas(949) 231-3061orInvestor Relations:Mitch Haws(949)
231-3223
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