Microchip Buys Micrel

Chandler, Arizona-based semiconductor developer Microchip said late Thursday that it has agreed to acquire Micrel, which develops Ethernet and other networking chips. According to Microchip, it will pay approximately $744M for Micrel, after accounting for the cash on Micrel's balance sheet. Microchip will pay $14.00 per share for Micrel, which is publicly traded on the NASDAQ as MCRL. Microchip is also on the NASDAQ, trading as MCHP.