Sigma Designs, Inc. Announces Sale of Wired Connectivity Unit, Including Sigma Designs Israel, S.D.I. Ltd, to Integrated Silicon Solution, Inc.
SIGMA DESIGNS (SIGM)
Last sigma designs earnings: 12/7 04:15 pm
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US:NASDAQ Investor Relations:
sigmadesigns.com/ir
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Source: GlobeNewswire
FREMONT, Calif., Feb. 07, 2018 (GLOBE NEWSWIRE) -- Sigma Designs, Inc.® (NASDAQ:SIGM) announced today that it has entered into a definitive agreement with Integrated Silicon Solution, Inc. (“ISSI”) to sell to ISSI its Wired Connectivity Business Unit, which includes Sigma Designs Israel, S.D.I. Ltd., a Sigma Designs subsidiary which is the operating entity for the wired connectivity business. Subject to satisfaction of closing conditions, ISSI has agreed to pay $28.0 million in cash, subject to certain adjustments based on the amount of working capital delivered at closing and a holdback of $4.2 million to secure indemnification obligations of Sigma. Sigma will continue to provide certain support services during a transition period. The parties expect to close the transaction in the first quarter of Sigma’s fiscal 2019, ending April 28, 2018. Sigma currently expects that it will not pay any taxes associated with the receipt of the transaction consideration. Sigma Designs’ Medi
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