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Transmeta acquired for $255.6 million
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Novafora, Inc., a fabless video processor company founded in 2004 with VC funding has acquired low-power MPU IP provider, Transmeta in a$255.6 million all cash transaction. Transmeta stockholders are expected to receive between $18.70 and $19.00 for each outstanding share of common stock. Transmeta had previously announced that it was open to acquisition offers.
“We are pleased with the value that we will be able to return to our stockholders as a result of this acquisition agreement with Novafora,” said Les Crudele, president and CEO of Transmeta. “We believe the deal is a win for all our stockholders. We have spent the past several months extensively exploring our strategic options and believe that the agreement with Novafora best serves the interest of our stockholders.”
“Transmeta’s innovative technology and the expertise of its employees are valuable additions to Novafora,” said Zaki Rakib, CEO of Novafora. “Adding Transmeta’s power management technology to our video processor will advance our vision of making our products applicable across the broadest range of video-oriented devices.”
Transmeta also said that it has entered into a patent license agreement with AMD, which will transfer to Transmeta 700,000 shares of Transmeta’s Series B Preferred Stock held by AMD.