toggle

AAPL Stock: 110.71 ( -1.63 )

Printed from http://www.macnn.com

CSR buys GPS chipmaker SiRF for $136m

updated 04:30 pm EST, Wed February 11, 2009

CSR buys SiRF for $136M

England's Bluetooth chip group CSR on Tuesday announced it is buying California-based GPS chip specialistSiRF for $136 million. The deal is expected to complete in the second quarter, after approval by SiRF and CSR shareholders as well as government approval. The buy-out sum represents a 91-percent premium on SiRF's shares after Monday's markets closed.

After completion, SiRF shareholders will own about 27 percent of the new, larger CSR group. The CSR Board will also be joined by SiRF's Diosdado Banatao as Non-Executive Director and Kanwar Chadha as Executive Director. With the acquisition, CSR is expecting $35 million in costs synergies in a year's time, giving it access to chips capable of providing location information.

CSR estimates 40 percent of all mobile devices will have some sort of GPS functionality by 2012. SiRF chips are currently used in automobile, personal, cell phones, computers and MIDs with navigation or location-based services. Garmin, TomTom and others use the mapping chipsets in dedicated GPS units, while smartphones from companies such as Palm also rely on the technology.




by MacNN Staff

POST TOOLS:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

Follow us on Facebook

toggle

Most Popular

Advertisement

Recent Reviews

Blue Yeti Studio

Despite being very familiar with Blue Microphones' lower-end products -- we've long recommended the company's Snowball line of mics ...

ZTE Spro 2 Smart Projector

Home theaters are becoming more and more accessible these days, but maybe you've been a bit wary about buying a home projector. And h ...

MSI Geforce GTX 970 100ME

When Nvidia announced a new line of video cards in September 2014, many people thought things would continue to be business as usual i ...

toggle

Most Commented