Applied Micro to Buy Cimaron

Applied Micro Circuits Corp., a maker of chips for telecommunications and computer networks, agreed to buy closely held Cimaron Communications Corp. for about $115 million in stock to expand into high-speed digital communications products. San Diego-based Applied Micro plans to issue 3 million shares of common stock in exchange for all of Andover, Mass.-based Cimaron’s outstanding shares. The acquisition is valued at $115 million, based on Applied Micro’s closing price of $38.50 a share on Tuesday. The stock fell $1 to close at $37.50 on Nasdaq on Wednesday.