World News: SiRF Technology to acquire Centrality Communications for $283m

World News:  SiRF Technology to acquire Centrality Communications for $283m

SiRF Technology has signed a definitive agreement to acquire Centrality Communications, a developer of navigation processor solutions for mobile navigation devices, for a total consideration of $283 million in stock and cash.

Founded in 1999, Centrality has developed a range of SoC products for navigation infotainment systems. Headquartered in Redwood City, California, Centrality has a worldwide presence, with its main development centre in Shanghai, China and branch offices in Taipei, Seoul and Brussels.

“World class multifunction SoC platform expertise is a significant differentiator for us, especially as we address the emerging needs of portable navigation, automotive and consumer markets with value-added products,” said SiRF president & CEO Dr Michael Canning, adding that the Shanghai Centre will enable SiRF to scale its development activities rapidly and significantly strengthen its capabilities to address the fast-growing China market.

Under the terms of the Agreement, in exchange for all of the outstanding capital stock of Centrality, including equity awards, SiRF has agreed to pay $283 million in a combination of cash and shares of SiRF Common Stock.

Both companies’ boards of directors have approved the merger. Completion of this transaction is subject to customary closing conditions and is expected to close next quarter.

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