Mindspeed Buys Picochip

Newport Beach-based Mindspeed Technologies said this morning that it has signed a definitive agreement to buy PIcochip Limited, a UK-based supplier of systems-on-a-chip (SoC) products. Mindspeed said it will pay approximately $51.8M, plus up to $25M in earn out, for PIcochip. Picochip's products are used for small cell base stations. Mindspeed said the deal will help it support a range of base station semiconductors, ranging from residential, to enterprise, to pico/metro applications. The deal is split between $27.5M in cash plus 5.19M shares of its common stock.