AL - Allegro MicroSystems to acquire Crocus Technology for $420M in cash

2023-08-08 06:27:02 ET

• Allegro MicroSystems ( ALGM ) on Tuesday said it would acquire privately-held Crocus Technology for $420 million in cash.
• The planned acquisition of Crocus will be funded with a combination of cash on hand and a new debt issuance.
• The deal is expected to close by the end of calendar year 2023.
• Crocus  provides advanced Tunnel Magnetoresistance sensor technology solutions to designers and manufacturers of industrial, automotive and consumer electronics.
• The magnetic sensing market is expected to increase to over $5 billion by 2030, with TMR representing the fastest growing segment and expected to approach $1 billion in addressable market by 2030, the companies said.
• Source: Press Release

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