Microchip Technology Buys SMSC

Chandler, Arizona-based microcontroller manufacturer Microchip Technology said this morning that it will pay $939M for Standard Microsystems Corporation a manufacturer of a broad set of semiconductor and electronics products. Microchip said it will pay $37.00 per share in cash for SMSC, which will have a total enterprise value of about $766M after accounting for cash and investments. Microchip said the buy will expand its range of solutions. SMSC had 2012 net sales of $412M.