DTS Acquired By Tessera Technologies For $850M

Calabasas-based audio technology developer DTS is being acquired by San Jose-based Tessera Technologies, in a deal worth approximately $850M in cash, the companies announced today. According to the two companies, Tessera will acquire DTS by paying $42.50 per share in cash, which is a 28 percent premium to the 30-day volume weighted average price of DTS. Tessera Technologies said the acquisition will boost its 2016 pro forma revenues to approximately $450M, and bring its total number of engineers to over 450. DTS was advised by Centerview and DLA Piper LLP in the deal; Tessera was advised by GCA and Skadden, Arps, Slate, Meagher & Flom LLP.