Cypress to Pay $550 Million for Broadcom's IoT Business

By Dylan McGrath,EETimes, Apr. 28, 2016 – 

Cypress Semiconductor Corp. will pay $550 million to acquire Broadcom Corp.'s Wireless Internet of Things (IoT) business under the terms of a definitive agreement announced Thursday (April 28).

Under the terms of the deal, Cypress (San Jose, Calif.) will acquire Broadcom's Wi-Fi, Bluetooth and Zigbee IoT product lines and intellectual property. The deal also includes Broadcom's WICED brand and developer ecosystem.

Cypress President and CEO T.J. Rodgers, who announced Thursday he would step down from the top job at the chip vendor he founded 34 years ago, said through a statement that the combination of Cypress's PSoC system-on-chip technology and Broadcom's IoT business would make Cypress a force in IoT and open up new markets for the company.

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