By Lisa Kerner
Charlotte, N.C., March 20 - Synopsys, Inc. agreed to acquire Synplicity, Inc. for $8.00 per share in a deal valued at some $227 million, it was announced on Thursday.
The acquisition is expected to expand Synopsys' technology portfolio and channel reach, according to a Synopsys news release.
The transaction, subject to regulatory and Synplicity shareholder approval, is slated to close in the second calendar quarter of 2008.
Synopsys said it expects the transaction to be accretive in fiscal 2009 and slightly dilutive in fiscal 2008.
Synplicity president and chief executive officer Gary Meyers will join Synopsys as a general manager. Synplicity co-founder, chief technical officer, and vice president Ken McElvain will join Synopsys to help "architect the company's systems solutions."
"The combination will expand our presence in the systems and mid-tier market segments, will support our strategy to provide rapid prototyping capabilities to a broad set of customers to enable much faster software development, and will enhance Synplicity's already strong offering in FPGA implementation," Synopsys chairman and chief executive officer Aart deGeus said in the release.
Synopsys, based in Mountain View, Calif., provides electronic design automation software and related services for semiconductor design companies.
Synplicity is a Sunnyvale, Calif., supplier of field programmable gate array (FPGA) and integrated circuit design and verification solutions used in communications, military/aerospace, semiconductor, consumer, computer, and other electronic applications markets.
| Acquirer: | Synopsys, Inc.
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| Target: | Synplicity, Inc.
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| Announcement date: | March 20
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| Transaction total: | $227 million
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| Price per share: | $8.00
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| Expected closing: | Second quarter of 2008
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| Stock price of target: | Nasdaq: SYNP: $21.99 on March 19
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