Yes. China’s Ministry of Commerce cleared Microchip Technology’s acquisition of Standard Microsystems Corporation (SMSC) in late July 2012, removing the final regulatory obstacle reported at the time. The deal was valued at $939 million, and Microchip expected it to close on August 2, 2012.
What China’s clearance meant
The Anti-Monopoly Bureau of China’s Ministry of Commerce notified Microchip that the acquisition had cleared review in late July 2012. EE Times reported that the decision completed the regulatory approvals for the transaction. Microchip president and CEO Steve Sanghi said the confirmation from MOFCOM completed all regulatory approvals for the acquisition.
The clearance was a regulatory milestone, not the announcement of a new purchase price or a change in the deal’s terms. EE Times reported a transaction value of $939 million.
How the approval fit the deal timeline
In a June 6, 2012 SEC-filed release, Microchip said the U.S. antitrust waiting period had ended on May 18. It also listed required filings in China on May 23, Germany on May 24, South Korea on May 31 and Turkey on June 4. At that point, Microchip said closing remained subject to the relevant clearances and shareholder approval. Microchip’s SEC-filed release provides the chronology.
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Following China’s decision, Microchip expected the transaction to close on August 2, 2012. That was the company’s stated expectation at the time; the clearance report itself should not be confused with confirmation that closing had already occurred. The contemporaneous EE Times account reported the clearance and $939 million value, while Microchip’s filing documents the earlier process.
What SMSC brought to Microchip
Microchip described SMSC as a developer of Smart Mixed-Signal Connectivity solutions for automotive, consumer-device and PC applications. The portfolio included technologies for:
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- Supports 8-, 14-, 20-pin 8-bit PIC Microcontrollers with low voltage programming capability
- Integrated Programmer/Debugger with USB
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- Various user interface options - mTouch button, analog potentiometer, and physical switches
- Mikrobus support with over 100 MikroElectronika Click add-on boards available
- USB connectivity and embedded system control;
- MOST automotive networking;
- Kleer and JukeBlox wireless audio;
- thermal management; and
- RightTouch capacitive sensing.
Those product areas help explain the transaction’s strategic context: SMSC’s connectivity technologies complemented markets and applications Microchip served. They do not, by themselves, establish the financial results or later performance of the acquisition.
Quick Recap
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- High-performance dual-core processor – ESP32S is equipped with a powerful dual-core 32-bit CPU with a main frequency of up to 240MHz, providing smooth and efficient computing power for IoT and embedded applications.
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- Rich interfaces and functions – Provides GPIO, UART, SPI, I2C and other interfaces, supports touch sensing, infrared remote control, DAC and other functions, suitable for a variety of electronic projects.
- Low-power design – With multiple power saving modes, supports deep sleep and ultra-low power operation, suitable for battery-powered Internet of Things (IoT) devices and remote monitoring systems.
- Compatible with multiple development environments – Supports for Arduino IDE, for ESP-IDF, for MicroPython and for PlatformIO, easy to develop, suitable for beginners and advanced developers to quickly build smart applications.
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- ❥❥❥ The PIC16F877A Microcontroller Development Board features an onboard 4M crystal oscillator, allowing easy replacement of the socket crystal frequency for various applications.
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- 2.4GHz Dual Mode WiFi + Bluetooth Development Board
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- Support LWIP protocol, Freertos
- SupportThree Modes: AP, STA, and AP+STA
- ESP32 is a safe, reliable, and scalable to a variety of applications
Key facts at a glance
| Question | Answer |
|---|---|
| Did China approve the acquisition? | Yes. MOFCOM cleared Microchip’s purchase of SMSC in late July 2012. |
| What was the reported value? | $939 million, as reported by EE Times. |
| When did Microchip expect closing? | August 2, 2012, according to the contemporaneous report. |
| What other jurisdictions were involved? | The U.S., Germany, South Korea and Turkey, in addition to China, appear in Microchip’s June 2012 filing chronology. |
| What did SMSC make? | Mixed-signal connectivity technologies for automotive, consumer-device and PC applications. |
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