Skyworks Buying Silicon Labs' Infrastructure, Auto Business for $2.75B
Skyworks Solutions is paying $2.75 billion for Silicon Labs’ Infrastructure & Automotive business. Silicon Labs initiated a sale process last fall to address the “massive opportunity” in IoT, said CEO Tyson Tuttle. The segment “requires focus” and investment and has…
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been Silicon Labs’ area of concentration for the past decade, now representing 60% of revenue, Tuttle told investors Thursday. IoT offers the largest and fastest growth opportunity, he said, and it's a “high quality” portion of the business due to the company’s ability to “control the integration path” by integrating components inside single devices, then differentiating with software, solutions, cloud and AI. Chief Financial Officer John Hollister said such growth areas include Bluetooth and Wi-Fi. Silicon Labs closed Friday up 6.9% at $154.60. Skyworks gained 4.1% to $190.92. The deal is expected to close in Q3. Silicon Labs also made some personnel moves. (See the personals section of this issue.)