Exar Corporation (NYSE: EXAR), a leading supplier of high-performance integrated circuits and system solutions, has completed its merger with Integrated Memory Logic Limited (iML) a leading provider of power management and color calibration solutions for large and medium-sized flat panel displays used in televisions and tablets. The transaction was completed through a second-step merger to acquire all of the remaining outstanding shares of iML. As of September 15, 2014, Exar owns 100% of the outstanding stock of iML and iML stock is no longer publicly trading.
“The merger with iML increases the diversity of our served markets and provides significant incremental scale,” said Louis DiNardo, Exar’s President and CEO. “We are very excited about iML’s new product pipeline for display solutions in both large flat panel and tablet applications as well as a the highly differentiated solutions for LED lighting. In LED lighting we can reduce cost and improving reliability. This is a powerful alternative to current solutions and we believe we can capture meaningful market share in this high growth market,” concluded Mr. DiNardo.
Shuen Chang, co-founder and CEO of iML, has been named president of Exar’s new iML display and lighting products. Mr. Chang added, “iML has had a very successful history, and by combining with Exar we will see sales and operational synergies which will enable us to take advantage of our strengths of product and technological leadership and grow our business.”
Exar, through its newly formed Cayman Islands subsidiary, acquired all of the outstanding shares of iML for NT$91.00 (approximately US$3.02) per iML share in cash. The final gross transaction value was approximately US$224 million (NT$6.8 billion), or approximately US$91 million (NT$2.7 billion) net of cash acquired.
About Exar
Exar Corporation designs, develops and markets high-performance integrated circuits and system solutions for the Communications, High-End Consumer, Industrial & Embedded Systems, and Networking & Storage markets. Exar's broad product portfolio includes analog, display, LED lighting, mixed-signal, power management, connectivity, data management, and video processing solutions. Exar has locations worldwide providing real-time customer support. For more information about Exar, visit http://www.exar.com
About iML
Integrated Memory Logic (iML) is a fabless semiconductor company, which develops and markets application specific analog, power management, and mixed signal integrated circuits. iML ICs are optimized primarily for the display, mobile systems and lighting markets. The Company is an industry leader in the field of color control management, and has an extensive portfolio of products in power management and LED drivers. iML maintains a strong footprint close to its customers and supply chain in Asia, and markets extensively to OEMs and system manufacturing houses in China, Taiwan, Korea and Japan. Founded in 1996, the Company has offices in the US and Asia. For more information about iML, visit http://www.iml-inc.com.
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