SAN JOSE, Calif. (AP) — Analog Devices Inc. is selling its microphone business to InvenSense Inc. for $100 million, saying that will help it better focus on businesses in other markets.
The microphone division represents less than one percent of the Norwood, Mass., chipmaker's expected revenue for the quarter ending on Nov. 2, it said Monday.
InvenSense, which makes motion tracking technology for consumer electronic devices, such as smartphones and game controllers, said the deal expands its audio business and complements some of its products for mobile, gaming and wearable device customers.
The San Jose, Calif., company said that other than one-time costs, the transaction is not expected to significantly affect its results for the fiscal year ending in March. It expects the acquisition to add to its earnings in subsequent years.
The board of directors of each company has approved the deal, which is expected to close this month.
Shares of InvenSense fell 22 cents to close at $20.10 Monday. Analog Device shares added 29 cents to close at $47.27 but fell 9 cents after hours to $47.18.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Original headline: Analog Devices selling microphone unit for $100M
Most Popular Stories
- Hernandez lawyer: Pats Records Dispute Resolved
- Congress Leaving Town as Deadlines Loom
- Oregon Voters to Decide on Recreational Pot
- 4th Circuit Upholds Obamacare Subsidies
- Fiat, Renault Strike Deal on New Light Vehicle
- Oregon to Vote on Recreational Marijuana
- Senate, House Locking Horns on Border Funds
- LinkedIn to Buy Ad Tech Company Bizo for $175 Million
- A's Agree to 10-Year Lease to Stay in Oakland
- Jeter, Bauer Give Fox a Strong Week in TV Ratings