Benzinga | Jul 9, 2021 06:01AM EDT

Cirrus Logic To Acquire Lion Semiconductor For $335M Cash

* Cirrus Logic, Inc. (NASDAQ:CRUS) inked an agreement to acquire California's Lion Semiconductor for $335 million in cash.

* This acquisition is expected to close within 30 days.

* Lion Expands Cirrus' Portfolio of Mixed-Signal Technologies with the Addition of Fast-Charging ICs.

* The transaction offers unique intellectual property and products for power applications in smartphones, laptops, and other devices and accelerates its high-performance mixed-signal business growth.

* Lion is likely to be immediately accretive to EPS, contributing $60 million in revenue between deal close and the FY22 end. Gross margin is expected to be supportive of corporate margins.

* Lion's fast-charging products and intellectual property portfolio were likely to contribute meaningfully to revenue growth in the coming years.

* Cirrus held $442.16 million in cash and equivalents as of March 27, 2021.

* Price action: CRUS shares closed lower by 0.20% at $83.60 on Thursday.