CAMARILLO, Calif. -- Aug. 08, 2016 -- Semtech Corporation (Nasdaq:SMTC), a leading supplier of analog and mixed-signal semiconductors, today announced it completed the previously announced divestiture of its Snowbush IP business (previously part of the Company's Systems Innovation Group) to Rambus Inc. (Nasdaq:RMBS) on August 5, 2016.
The final total purchase price was approximately $32.0 million in cash, plus the opportunity to receive additional payments from Rambus through 2022 based upon a percentage of sales by Rambus of new products expected to be developed by Rambus from the disposed assets. Semtech will recognize a gain on the disposition of this business in the third quarter of fiscal 2017. Other than this gain, the divestiture will not have a material impact on the Company's consolidated financial statements.
Semtech Corporation is a leading supplier of analog and mixed-signal semiconductors for high-end consumer, enterprise computing, communications and industrial equipment. Products are designed to benefit the engineering community as well as the global community. The Company is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction. Publicly traded since 1967, Semtech is listed on the NASDAQ Global Select Market under the symbol SMTC. For more information, visit http://www.semtech.com.