Semi-conductor designer, Integrated Silicon Solution, Inc. (ISSI) , Monday announced that it has successfully completed its acquisition of Chingis Technology Corp. for cash consideration of $34 million.
Chingis is a maker of a variety of NOR flash memory technologies that are used in standalone and embedded applications and possesses over 80 patents worldwide.
Chingis shares representing 94.1% of total Chingis shares outstanding were successfully tendered. Chingis will now operate as a subsidiary of ISSI, and its results will be reported by ISSI on a consolidated basis beginning September 14, 2012.
In connection with the completion of the transaction, ISSI has added approximately 72 of Chingis' employees in Taiwan, China, Korea and the United States.
Shares of ISSI are currently trading at $10.42 down 5 cents or 0.48% on the Nasdaq.
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