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Semtech Buys Canadian Firm

Semtech Corp. will purchase Aptovision Technologies, a Canadian chipset maker for the audiovisual industry, for up to $75 million. The Camarillo semiconductor firm announced June 29 that it had signed an agreement to acquire Aptovision for a cash purchase price of $28 million, with the possibility of up to $47 million in contingent earnouts. Semtech had about $282 million in cash and equivalents and liabilities of roughly $378 million at the close of the quarter ended April 30, according to unaudited filings with the Securities and Exchange Commission. Aptovision Chief Executive Kamran Ahmed will join Semtech as part of the deal, which will also add 30 Montreal-based employees. The transaction is expected to close by the end of the quarter. Semtech stock rose 30 cents, or about half a percent, on Wednesday to close at $34.90 on the Nasdaq.

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