Intersil Corp. (ISIL) announced the closing on April 27, 2010 of its acquisition of Techwell, Inc. (TWLL). The Company previously announced its proposed acquisition of Techwell on March 22, 2010.
Intersil issued debt of $300 million at a floating interest rate of about 5% to complete the transaction. The remainder of the purchase price was paid through corporate cash. Techwell now is an indirect, wholly-owned subsidiary of Intersil, and its common stock will cease to be traded on the NASDAQ Global Select Market, the company said.
The Techwell acquisition brings Intersil unique capabilities that complement our industrial video market businesses," said Dave Bell, Intersil's President and Chief Executive Officer.
The company stated that the acquisition is expected to be accretive to Intersil's 2010 earnings, excluding one-time costs and other acquisition-related charges.
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