Microchip completes acquisition of Silicon Storage Technology

CHANDLER & SUNNYVALE, USA: Microchip Technology Inc. and Silicon Storage Technology Inc. recently announced that Microchip has completed its previously announced acquisition of SST following approval of the transaction by SST shareholders at SST’s Special Meeting of Shareholders.

Approximately 90.9 percent of the SST shares voted were voted in favor of the Microchip merger agreement, under which SST shareholders will receive $3.05 per share in cash.

“We are pleased to have completed this transaction,” said Steve Sanghi, Microchip president and CEO. “Through this acquisition, we gain access to SST’s SuperFlash technology and extensive patent portfolio, which are critical building blocks for advanced microcontrollers. We expect that SST will also enhance our ability to customize technology variants, thereby adding an advantage over competing technologies.”

“We are pleased to conclude a successful process that has allowed us to maximize value for SST shareholders,” said Ronald Chwang, chairman of the Strategic Committee of SST’s Board of Directors.

“We are confident that SST will flourish as a part of Microchip,” said Bing Yeh, co-founder and CEO of SST. “As part of a larger, more diversified company, we believe that SST will be better positioned to deliver the superior service and innovative NOR flash and embedded flash solutions that our customers expect.”