Cirrus Logic Inc. on Thursday said it agreed to pay $35 million in cash to acquire Lion Semiconductor.
The boards of both companies have approved the deal, which is expected to close within 30 days, Cirrus said.
Cirrus CRUS, -0.20% also said Lion, which is based in California, has operations in San Francisco and Seoul, South Korea.
The deal is expected to be immediately accretive to GAAP and non-GAAP earnings per share, Cirrus said, adding that Lion is expected to contribute about $60 million in revenue between the close of the deal and the end of fiscal year 2022.
John Forsyth, president and chief executive of Cirrus, said, “Lion’s proprietary fast-charging products and robust intellectual property portfolio are expected to contribute meaningfully to revenue growth in the coming years.”