Microchip Technology agreed on May 22, 2014, to acquire Taiwan-based ISSC Technologies, a specialist in low-power Bluetooth and wireless semiconductor products. The announced cash offer was NT$143 per share; it secured about 83.46% of ISSC’s shares in July 2014, and Microchip completed its purchase of the remaining shares by June 30, 2015.
What Microchip announced
Microchip Technology said it had signed a definitive agreement to acquire ISSC Technologies Corporation, a wireless semiconductor company headquartered in Hsinchu, Taiwan. The May 22, 2014, announcement described ISSC as a provider of low-power Bluetooth and advanced wireless solutions for the Internet of Things. ISSC also had customer-service or research activity in Shenzhen, China, and Torrance, California. Microchip’s announcement framed the transaction as an acquisition of a business and its technology, rather than a consumer-product purchase.
How much the announced offer was worth
Microchip proposed a cash tender offer of NT$143 per ISSC share. In its May 2014 announcement, Microchip converted that to approximately US$4.74 per share using an assumed exchange rate of NT$30.15 to US$1. The company estimated the transaction’s total equity value at about NT$9.9 billion, or approximately US$328.5 million, and its enterprise value at about NT$8.9 billion, or approximately US$294.3 million after accounting for ISSC’s cash and investments. These were the buyer’s announcement-time estimates and currency conversions, not current values. Microchip’s deal release gives the stated offer and valuation figures.
What ISSC brought to Microchip
Low-power Bluetooth and wireless chips
ISSC developed Bluetooth system-on-chip solutions for manufacturers of wireless headsets, speakers, connectivity products, and human-interface devices (HID). Those chips combined wireless functions in semiconductor products that device makers could incorporate into their own products. The acquisition therefore gave Microchip access to a specialized wireless technology portfolio and expertise in consumer-device markets. Microchip’s announcement described ISSC’s Bluetooth and advanced wireless capabilities.
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A strategic fit, in Microchip’s view
Microchip said the combination could pair ISSC’s products and technology with Microchip’s brand, sales channel, and operating capabilities. In a later filing, Microchip identified expansion of its wireless and IoT solutions, products, and capabilities as the primary reason for the acquisition. Those are the buyer’s stated strategic aims; the cited materials do not establish how much revenue, growth, or other measurable benefit the combination ultimately produced. Ganesh Moorthy, then Microchip’s chief operating officer, said: “We are delighted to have ISSC join the Microchip team.” The announcement and Microchip’s subsequent SEC filing describe the rationale.
How the deal closed
- May 22, 2014: Microchip announced the definitive agreement and proposed cash tender offer.
- July 14, 2014: The tender offer expired with 57,228,225 ISSC shares tendered, approximately 83.46% of outstanding shares. Microchip reported that the result exceeded the offer’s minimum tender condition. Microchip’s tender-offer results release reported the count.
- July 17, 2014: Microchip’s later annual report records that it acquired an 83.5% interest in ISSC. The filing rounds the interest to one decimal place.
- By June 30, 2015: Microchip had acquired the remaining shares and completed 100% ownership, according to its retrospective account in a subsequent annual report. Microchip’s 2016 annual report records the completion.
ISSC’s reported results before the acquisition
Microchip’s May 2014 release cited ISSC’s 2013 results under IFRS: net sales of US$69.2 million and an operating margin of 18.9%. These are historical, company-reported figures cited in the acquisition announcement, not current performance measures or an independent assessment of ISSC. The release is the source for both figures.
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