Cirrus Logic Closes Sale of Digital Video Product Line Assets
Jul 1, 2005 10:45 AM
Cirrus Logic Inc. (Nasdaq: CRUS) announced that it has completed the sale of its digital video product line assets to Magnum Semiconductor Inc., a privately held company formed by an investment group led by Investcorp and August Capital. By selling these assets, Cirrus Logic is focusing on its core analog, mixed-signal, and embedded integrated circuit (IC) product lines for audio and industrial markets.
The transaction is structured as an asset sale. Cirrus Logic will retain a minority equity ownership position in Magnum Semiconductor and will account for this under the cost method of accounting.
Cirrus Logic will discuss the financial details related to this asset sale during its first fiscal quarter of 2006 quarterly conference call scheduled for Wednesday, July 20, 2005 at 5 p.m. Eastern Time.