SiRF and CSR to merge

SiRF and CSR to merge

The boards of directors of both companies have unanimously approved the transaction, which is expected to close in the second quarter of 2009.

The merger will create the single largest pure play provider of integrated connectivity and location platforms, and will be one of the top ten fabless semiconductor companies in the world.

Customers of the combined company include four of the top five handset manufacturers, the top five PND manufacturers, and the top two auto-telematics suppliers.

Under the terms of the agreement, SiRF stockholders are expected to own approximately 27% and CSR shareholders are expected to own approximately 73% of the combined company.

The combined company will be headquartered in Cambridge (UK), and SiRF's San Jose, California headquarters will become the HQ for CSR's US operations.

The transaction is subject to regulatory approvals, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, SEC registration of CSR's shares and other customary closing conditions, as well as the approval of both companies' shareholders.

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