Microchip Technology Acquires Atmel For $3.5 Billion

Chandler, Arizona-based microcontroller developer Microchip Technology said late Tuesday that it will pay approximately $3.5 billion for Silicon Valley chip maker Atmel. Microchip said it will pay $8.15 per share in cash and common stock for Atmel, a fellow developer of microcontrollers and other semiconductors. The deal has an enterprise value of around $3.4 billion after accounting for Atmel's cash and investments. The deal is split between $7.00 per share in cash and $1.15 per share in stock.