“This acquisition strengthens Cirrus Logic’s core business as a leader in audio signal processing components, enhances our ability to differentiate our products with software, and adds new product categories such as MEMS microphones to our portfolio. Wolfson has a rich history of audio innovation, a broad catalog of audio products and a first-class customer list,” said Jason Rhode, Cirrus Logic president and chief executive officer.
The strategy was announced in April 2014, when Cirrus Logic offered to acquire Wolfson at a price of £2.35 per share in cash, implying an enterprise value of £278 million, or approximately $467 million. At the time, the board of Wolfson stated this was “an attractive offer for Wolfson shareholders, recognizing Wolfson as a leader in the supply of high performance Audio Hubs and MEMS microphones to the consumer electronics market and allowing to “create a powerful platform for future growth, above and beyond our standalone potential.”
Cirrus Logic already develops high-precision, analog and mixed-signal integrated circuits for a broad range of applications, including audio and energy-related applications. Wolfson Microelectronics is a global supplier of high performance, mixed-signal semiconductor devices and audio solutions for many of the world’s leading digital consumer goods, including premier hi-fi equipment, smartphones, mobile phones, tablet computers, MP3 players, televisions, digital still cameras and gaming.
Wolfson’s headquarters are located in Edinburgh, with design centers, sales offices, applications teams and engineering expertise across Europe, the US, Australia and Asia. Wolfson Microelectronics will remain a subsidiary of Cirrus Logic, and Wolfson’s products are expected to keep their current designations and product names. Cirrus is already integrating all Wolfson’s product information into the Cirrus Logic website.