Exar & iML complete merger

17th September 2014

Nat Bowers

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Exar and Integrated Memory Logic (iML) have completed their merger. Completed through a second-step merger to acquire all of the remaining outstanding shares of iML, Exar owns 100% of the outstanding stock of iML and iML stock is no longer publicly trading (as of 15th September 2014).

Exar acquired the outstanding shares of iML for approximately $3.02 per iML share in cash for a final gross transaction value of approximately $224m ($91m net of cash acquired).

Shuen Chang, Co-founder and CEO, iML, has been named president of Exar’s new iML display and lighting products. He commented: “iML has had a very successful history, and by combining with Exar we will see sales and operational synergies which will enable us to take advantage of our strengths of product and technological leadership and grow our business.”

“The merger with iML increases the diversity of our served markets and provides significant incremental scale. We are very excited about iML’s new product pipeline for display solutions in both large flat panel and tablet applications as well as a the highly differentiated solutions for LED lighting. In LED lighting we can reduce cost and improving reliability. This is a powerful alternative to current solutions and we believe we can capture meaningful market share in this high growth market,” concluded Louis DiNardo, President and CEO, Exar.