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Broadcom to buy UK firm in £32m deal

US semiconductor firm acquires Innovision Research & Technology

18 June 2010

Broadcom Corporation has agreed a £32 million deal to buy UK firm Innovision Research & Technology.

The US semiconductor company made a 35 pence per share offer, representing a premium of 84.2 per cent on the stock's Thursday closing price.

Innovision, which provides data transfer solutions for near field communications (NFC) devices, announced a pre-tax loss of £2.9 million for the last financial year.

The firm's annual revenue did rise to around £2 million in the same period, an increase of £800,000 compared to the previous year.

Broadcom said the deal would provide the firm with a wide pool of experts to develop its own wirelesses connectivity technology.

Officials predict the NFC industry will boom in the upcoming years, along with other technologies such as Bluetooth and Wi-Fi.

Innovision shares were up 76.3 per cent to 33 pence on Friday morning, while Broadcom shares closed at $35.50 (£24) on Thursday (June 18th).

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