TDK Corp has agreed to buy InvenSense Inc in a deal that values the supplier of sensors to Apple Inc and other smartphone makers at about US$1.3 billion.
The offer is worth US$13 a share in cash for the San Jose, California-based company, according to a BusinessWire statement yesterday.
The bid is 20 percent higher than InvenSense’s closing price of US$10.84 on Tuesday.
InvenSense makes gyroscopes, which track motion and rotation in 3D space. In smartphones, they are used to tell if a phone is being held horizontally or vertically, being shaken, or pointing in the direction of a Pokemon, among other uses.
Tokyo-based TDK, which rose to prominence on cassette tapes in the 1970s, has expanded into batteries, automotive components and now the Internet of Things.
“We aim to become a strong player in the sensor business with InvenSense as our perfect partner,” TDK chief executive Shigenao Ishiguro said in the statement.
TDK said it is funding the deal from existing cash holdings.
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