MILPITAS, Calif.-Intersil Corp. will sell its wireless networking product group to chipmaker GlobespanVirata Inc. for $365 million in cash and stock.
“This transaction completes our transition to a pure high performance analog company,” said Rich Beyer, Intersil’s president and chief executive officer. “We’re very excited about the opportunity to focus the strategy of Intersil entirely on analog, and we will continue to refine this strategy by expanding our portfolio into attractive new applications.” Intersil’s analog business grew more than 10 percent in the first half of 2003 compared with the first half of 2002, and is approaching a $500 million annual revenue run rate, according to Beyer.
Intersil also said it expects to report adjusted revenue and adjusted earnings per share at or above the high end of its original guidance, with growth in three of its four product groups from the previous quarter, when it releases its second-quarter results July 23.
