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SAN JOSE, Calif., Dec. 19, 2019 -- Synaptics® Incorporated (NASDAQ: SYNA), the leading developer of human interface solutions, today announced it has signed a definitive agreement to divest its Asia-based, mobile LCD TDDI business to Hua Capital, through a special purpose entity backed by Hua-Capital Cayman, L.P., for $120 million in cash.
“This transaction is consistent with Synaptics’ strategy of focusing on differentiated franchises and investing in areas where we can deliver more profitable long-term growth for the company, leading to greater shareholder value,” said Michael Hurlston, president and CEO at Synaptics.
“We will continue to invest in technologies for the premium segments of the mobile market where our advanced touch controllers and DDICs deliver best-in-class performance,” said Janice Mori, senior vice president, Touch and Display Business Unit at Synaptics. “In addition, we will still develop TDDI solutions for automotive applications where we have an unparalleled roadmap and are currently capturing the majority of sockets globally.”
The transaction has been approved by Synaptics’ board of directors and by Hua Capital, is subject to customary closing conditions, and is expected to close in calendar Q2, 2020. We do not anticipate the transaction will have any significant impact on the current quarter’s financial results, and questions will be answered during Synaptics’ next planned earnings call.
Synaptics (Nasdaq: SYNA) is leading the charge in AI at the Edge, bringing AI closer to end users and transforming how we engage with intelligent connected devices, whether at home, at work, or on the move. As the go-to partner for the world’s most forward-thinking product innovators, Synaptics powers the future with its cutting-edge Synaptics Astra™ AI-Native embedded compute, Veros™ wireless connectivity, and multimodal sensing solutions. We’re making the digital experience smarter, faster, more intuitive, secure, and seamless. From touch, display, and biometrics to AI-driven wireless connectivity, video, vision, audio, speech, and security processing, Synaptics is the force behind the next generation of technology enhancing how we live, work, and play.
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