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Semtech to buy Sierra Wireless in $1.2 billion deal

Aug 2 (Reuters) – Semiconductor supplier Semtech Corp ( SMTC.O ) will acquire Canada’s Sierra Wireless Inc ( SW.TO ) in a deal valued at $1.2 billion, the companies said on Tuesday.

Semtech will acquire all of Sierra Wireless’ stock for $31 per share in an all-cash deal, according to a statement.

Internet of things solutions provider Sierra said earlier in the day that it was in advanced discussions with Semtech about a potential deal.

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Reporting by Ankur Banerjee in Bengaluru. Edited by Maju Samuel

Our Standards: The Thomson Reuters Trust Principles.

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