Broadcom Sells Wireless IoT Business To Cypress For $550M

Irvine-based Broadcom has sold its Wireless Internet of Things (IoT) business and related assets to Cypress Semiconductor, the two said this morning, in a $550M deal. According to the two, Cypress will acquire Broadcom's Wi-Fi, Bluetooth and Zigbee IoT product lines and intellectual property, Broadcom's WICED brand, along with 430 employees, as part of the acquisition. The two said that Broadcom's IoT business generated $189M in revenues over the last 12 months.