SIGMA DESIGNS (NASDAQ:SIGM) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01 Completion of Acquisition or Disposition of Assets.
On April 18, 2018, Sigma Designs, Inc., a corporation incorporated in the State of California (the “Company” or “Sigma”) completed the previously announced sale of its Z-Wave business (the “Transaction”) to Silicon Laboratories Inc. (“Silicon Laboratories”). The Transaction was completed to the terms of the Agreement and Plan of Merger, dated as of December 7, 2017 (the “Agreement”), by and among Silicon Laboratories, Seguin Merger Subsidiary, Inc., and Sigma. to the Agreement, Sigma sold all of the assets which relate to Sigma’s Z-Wave business, including all of Sigma’s equity interest in certain of its subsidiaries engaged in the Z-Wave business, to Silicon Laboratories for $240 million in cash and the assumption by Silicon Laboratories of Sigma’s liabilities related to its Z-Wave business.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which was originally filed as an exhibit to Sigma’s Current Report on Form 8-K filed on December 7, 2017, and is incorporated herein by reference.
On April 18, 2018, Sigma and Silicon Laboratories issued a press release announcing the closing of the Transaction. A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. |
Description |
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2.1 |
Agreement and Plan of Merger, dated as of December 7, 2017, by and among Silicon Laboratories Inc., Seguin Merger Subsidiary, Inc. and Sigma Designs, Inc.* (incorporated by reference to Exhibit 2.1 of Sigma Designs, Inc.’s Current Report on Form 8-K filed with the SEC on December 8, 2017). |
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99.1 |
Joint Press Release of Sigma Designs, Inc. and Silicon Laboratories Inc., dated April 18, 2018. |
* Schedules have been omitted to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish supplementally to the Securities and Exchange Commission a copy of any omitted schedule upon request.
SIGMA DESIGNS INC ExhibitEX-99.1 2 ex_110593.htm EXHIBIT 99.1 ex_110593.htm Exhibit 99.1 News Release Silicon Labs Completes Acquisition of Sigma Designs’ Z-Wave Business Widely Deployed Mesh Technology Strengthens Company’s Leading Position in the Smart Home AUSTIN,…To view the full exhibit click here
About SIGMA DESIGNS (NASDAQ:SIGM)
Sigma Designs, Inc. is a provider of global integrated semiconductor solutions. The Company offers media platforms for use in the home entertainment and home control markets. The Company sells its products into markets, including smart television, media connectivity, set-top box and Internet of Things (IoT) devices. The Company’s media processor product line consists of a range of functionally similar platforms that are based on integrated chips, embedded software and hardware reference designs. The Company’s media connectivity product line consists of wired home networking controller chipsets that are designed to provide connectivity solutions between various home entertainment products and incoming video streams. The Company’s IoT devices product line consists of its wireless Z-Wave chips and modules. The Company is engaged in the license of its internally developed intellectual property. It also offers legacy products that are sold into prosumer and other industrial applications.
