Sigma Designs to acquire Trident’s Digital TV business
This includes certain products, licensed intellectual property, software, working capital assets and leased facilities.The final cash purchase price remains subject to an adjustment for the closing current asset balance of the DTV Business to the extent the closing current assets differ from a target current assets.The selection of Sigma Designs as the successful bidder follows the conclusion of the auction process for the DTV Business and is now subject to approval of the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) presiding over the bankruptcy proceedings of Trident Microsystems, Inc., and certain affiliated entities and other customary closing conditions. The Bankruptcy Court hearing to authorize the sale of the DTV Business to Sigma is expected to be held on April 4, 2012.”Sigma Designs’ acquisition of the DTV business assets of Trident Microsystems represents a significant step forward in our company’s long term strategy of being the industry’s leading provider of advanced SoC solutions for converged media platforms,” said Thinh Tran, Sigma Designs’ Chairman and CEO. “With this transaction, we will increase our revenue scale, expand our product offerings, and will have the ability to leverage our combined operational resources and OEM relationships across some of the largest high growth connected media delivery markets. We are focused on successfully growing the DTV Business and our existing business and believe the outcome of this transaction will provide long-term benefits to our customers, employees and shareholders.”Sigma expects to make employment offers to approximately 300 employees of the Trident DTV Business, most of whom are engineers located in China.The transaction is expected to close in the second calendar quarter of 2012.