82.1 F
San Fernando
Monday, May 23, 2022

Semtech Completes Divestiture of Diode Business

Semtech Corp. has sold its discrete diodes and assemblies business to Micross Components Inc.

Semtech Corp. has sold its discrete diodes and assemblies business to Micross Components Inc.

The Camarillo-based semiconductor maker received $30 million in the cash transaction. Fiscal year 2022 revenue for the divested business was about $14 million.

“The divestiture of our legacy high reliability discrete diode and assemblies business is consistent with our practice to exit non-strategic businesses,” Mohan Maheswaran, Semtech’s chief executive officer, said in a statement. “We believe that this mostly defense and space business will fit well with the current Micross portfolio and wish the teams continued success with the profitable business we built together.”

Accounting firm KPMG Corporate Finance, law firm O’Melveny & Myers and Mexico City-based law firm Pérez Correa, González y Asociados assisted Semtech in the transaction.

Shares of Semtech (SMTC) closed Tuesday up $1.14, or 1.9 percent, to $62.33 on the Nasdaq, a market that closed up a fraction of a percent.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

Featured Articles

Related Articles