RTTNews | Jul 8, 2021 04:31PM EDT

16:30 Thursday, July 8, 2021 (RTTNews.com) - Cirrus Logic, Inc. (CRUS) Thursday said it has agreed to buy California-based Lion Semiconductor for $335 million in cash.

Cirrus said the acquisition is expected to be immediately accretive to its earnings, contributing about $60 million in revenue between deal close and the end of full year 2022.

"The acquisition of Lion Semiconductor adds further momentum to our strategy of applying our mixed-signal expertise to new markets and driving growth through innovation in areas such as power," said Cirrus Logic President and Chief Executive Officer John Forsyth.

Incorporated in 2012, Lion has operations in San Francisco and Seoul, South Korea.

The boards of directors of both companies have approved the transaction, which is expected to close within 30 days, subject to customary closing conditions.

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