Mediatek Inc (
The cash purchase, approved by the companies' boards, could be completed by the end of this year, Hsinchu-based Mediatek said in a statement yesterday. Mediatek said it will gain about 400 employees, some handset chip patents, and customers including Samsung Electronics Co and Sharp Corp through the purchase.
The operations generated approximately US$230 million in revenue last year and could help Mediatek compete against Texas Instruments Inc, the market leader for cellphone chips. Mediatek's purchase follows the US$4 billion acquisition of handset-chip maker Agere Systems Inc by Milpitas, California-based LSI Corp in April.
"We think this is acceptable deal for MediaTek to pay US$350 million as we assume China white-brand handset shipments in 3G dual mode will reach over 300 million units," said Eric Chen (
Besides, MediaTek will have an easier access to more advanced 3.5G HSDPA handset IC market through bundling with Datang Telecom from this deal, Chen said.
Chen retained his "buy" rating on MediaTek at target price for the next 12 month at NT$768, implying a 28 percent upside.
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