Synaptics Completes Acquisition of Broadcom's Wireless IoT Business, Accelerating IoT Growth Opportunity
SAN JOSE, Calif., July 23, 2020 (GLOBE NEWSWIRE) -- Synaptics Incorporated (Nasdaq: SYNA) today announced that it has completed the acquisition of assets and manufacturing rights associated with the wireless IoT business of Broadcom. These best-in-class Wi-Fi, Bluetooth, and GNSS/GPS technologies expand Synaptics’ footprint across a broad range of applications including home automation, smart displays and speakers, media streamers, IP cameras, and automotive.
“This transaction accelerates our broader strategy of shifting toward our IoT business and allows for the opportunity to redeploy our capital to drive top-line growth while increasing profitability with higher gross and operating margins,” said Michael Hurlston, president and CEO at Synaptics. “Acquiring this technology, coupled with the recently announced deal with DisplayLink, gives us greater depth in our product portfolio and positions us to offer more to our existing customer base.”
Synaptics also granted equity awards to 51 new employees hired in connection with the completion of the acquisition. The awards were granted under Synaptics’ 2019 Inducement Equity Plan in accordance with Nasdaq Listing Rule 5635(c)(4) as inducements pursuant to the substitution of equity awards of Broadcom, material to the new employees entering employment with Synaptics. The inducement awards consist of an aggregate of 130,921 restricted stock units (“RSUs”) and an aggregate target of 5,336 performance stock units (“PSUs”). Subject to the grantees’ continued employment with Synaptics, the RSUs will vest one-third annually over a three-year period from grant date, and the PSUs will cliff vest three years from the grant date based on attainment of certain organizational financial goals.
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