Canyon Bridge to buy Lattice Semiconductor for $1.3B
November 04, 2016
Newly formed Canyon Bridge Capital Partners has agreed to acquire Lattice Semiconductor (NASDAQ: LSCC) for $8.30 per share in cash, a total of roughly $1.3 billion including debt. That figure represents a 30% premium to Lattice’s share price Wednesday. Shares in the Portland-based Lattice, a provider of smart-connectivity solutions, closed Thursday up 18.5%, at $7.55.
Canyon Bridge's acquisition is the latest in a long line of billion-dollar deals in the semiconductor industry this year. In late October, Qualcomm (NASDAQ: QCOM) agreed to acquire NXP Semiconductors (NASDAQ: NXPI) for $38 billion, the largest semiconductor sale in history. That came on the heels of the July announcement that SoftBank (TKO: 9984) plans to buy British chipmaker ARM for £24 billion and the purchase of Broadcom by Avago Technologies (NASDAQ: AVGO) for $37 billion in February.