Semtech Confirms Talks With Sierra Wireless on Possible Purchase

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Semtech said it doesn’t intend to make any announcements about its talks with Sierra Wireless unless it reaches a deal.

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Dreamstime

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The semiconductor supplier Semtech and Sierra Wireless have engaged in advanced talks regarding a potential buyout of the latter business, the companies said.

The possible buyout would be worth $31 a share, according to news releases from the companies. Semtech (ticker: SMTC) said “no assurance can be given that Semtech will determine to continue such discussions or enter into any definitive agreement regarding any transaction or, if executed, whether any such transaction would be consummated.”

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Semtech added that it doesn’t intend to make any further announcements on the topic “unless and until it enters into a binding, definitive agreement.”

bloomberg reported on Monday that Semtech was in talks to buy Sierra Wireless (SWIR), citing people familiar with the matter. At the close on Monday, Semtech was 6.2% lower while Sierra Wireless soared 19.4%.

Semtech stock was 3.4% lower Tuesday at $56.08, while Sierra Wireless was down 4.9% to $28.26. Semtech stock has fallen 36% in 2022 while Sierra Wireless has jumped 60% this year.

Multiple other deals have been disclosed this week. Valvoline (VVV) said that it is selling its coolant and lubricants business to Saudi Aramco (2222), while Toronto-Dominion Bank (TD) announced that it is buying the investment bank Cowen (COWN) in an all-cash transaction. Nikola (NKA), a start-up producing trucks powered by batteries or hydrogen fuel cells, said Monday that it will buy Romeo Power (RMO), a supplier of battery-pack technology.

Also, Estee Lauder (EL) is in talks to buy the luxury fashion brand Tom Ford, according to The Wall Street Journal.

Write to Angela Palumbo at [email protected]

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Credit: www.marketwatch.com /

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