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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Texas Instruments agreed to acquire Alantro Communications, a privately held wireless-networking semiconductor company, in a stock-for-stock deal announced June 23, 2000. TI described the announced transaction value as about $300 million, including options and warrants; its later accounting records presented consideration of about $277 million.
Who did Texas Instruments acquire?
Alantro Communications was a three-year-old, privately held fabless semiconductor company headquartered in Santa Rosa, California, with additional sites in San Diego and Raleigh, North Carolina. It had about 50 employees at the time of the announcement, according to EE Times’ June 23, 2000 report.
Alantro developed technology for wireless local-area networks (WLANs) that conformed to the IEEE 802.11 specification—the family of standards associated with Wi-Fi. TI described the company’s strengths as signal-processing expertise, application knowledge and wireless-networking design know-how.
What did the deal cost, and when did it close?
TI announced the agreement on June 23, 2000. In its filing, the company valued the stock-for-stock transaction at approximately $300 million as of that date, counting stock options and warrants. That is the deal’s announced headline value, not a cash purchase price.
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TI later recorded Alantro as acquired in the third quarter of 2000 in exchange for approximately 4.2 million TI common shares. A separate TI acquisition-accounting table reported approximately $277 million in consideration. The figures describe different presentations of the transaction: the announced aggregate value included options and warrants, while $277 million is the later accounting figure. They should not be treated as interchangeable valuations.
| Figure | What it describes | Source and timing |
|---|---|---|
| About $300 million | Announced aggregate stock-transaction value, including options and warrants | TI filing; value as of June 23, 2000. TI 2000 filing |
| About 4.2 million shares | TI common shares issued for Alantro | TI third-quarter 2000 filing. TI 2000 filing |
| About $277 million | Consideration in TI’s acquisition-accounting presentation | TI acquisition-accounting table, 2001 filing. TI 2001 filing |
Why did TI want Alantro?
TI said the acquisition would broaden its wireless-broadband integrated-circuit portfolio. The plan was to combine TI DSL and cable-modem chipsets with Alantro’s wireless-LAN technology so broadband connections could be distributed through homes and offices without wires. TI intended to place Alantro in its Broadband Access Group.
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George Barber, then TI vice president and manager of the Broadband Access Group, said: “The acquisition of Alantro is one more step by TI to bring broadband into and throughout the home or office.”
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How does the transaction fit the period?
EE Times reported that TI expected to complete the acquisition by the end of the third quarter; TI’s subsequent filing records it as completed in that quarter. The contemporary report also called it TI’s second acquisition in wireless networking in the preceding 18 months, following the company’s January 1999 announcement concerning Butterfly VLSI. Alantro’s focus was IEEE 802.11 WLAN, rather than cellular 3G.
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