Cypress Semiconductor (CY) Reports In-Line Q1 EPS
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April 28, 2016 8:09 AM EDT
Cypress Semiconductor Corp. (NASDAQ: CY) announced that its CEO, T.J. Rodgers, will step down this week and that a searchboth internal and externalwould be launched to replace him. In the interim, daily operational activities will be taken over by an Office of the CEO comprised of four current Cypress EVPs: Hassane El-Khoury (EVP, Programmable Systems Division), Dana Nazarian (EVP, Memory Products Division), Joe... More
April 28, 2016 8:08 AM EDT
Cypress Semiconductor Corp. (Nasdaq: CY) and Broadcom Limited (Nasdaq: AVGO) announced the signing of a definitive agreement under which Cypress will acquire Broadcom's Wireless Internet of Things (IoT) business and related assets in an all-cash transaction valued at $550 million. Under the terms of the deal, Cypress will acquire Broadcom's Wi-Fi, Bluetooth and Zigbee IoT product lines and intellectual property, along with its WICED brand and developer ecosystem. Broadcom's IoT business unit, which employs approximately 430 people worldwide, generated $189 million in revenue during the last twelve months. The acquisition strengthens Cypress's... More
