Cirrus Logic Completes Deal for Acumos Inc.

Cirrus Logic Inc. said it has completed its stock acquisition of Acumos Inc., a privately held manufacturer of semiconductor devices for the personal computer graphics industry. Acumos is based in Foster City, Calif.

In a press release, Cirrus said 3.6 million of its common shares were issued in exchange for all outstanding shares of Acumos stock.

As reported, the transaction is valued at $67 million, and Acumos’ products and employees will be merged into Cirrus as part of the acquisition.

Cirrus said the merger is structured as a tax-free reorganization and will be accounted for as a pooling of interests.