XPER - Xperi to sell its AutoSense and imaging business to Tobii AB

2023-12-13 02:37:17 ET

• Xperi Inc ( NYSE: XPER ) to sell its AutoSense in-cabin safety business and related imaging solutions to Tobii AB, an eye tracking and attention computing company based in Sweden listed on the Stockholm Nasdaq exchange.
• "...We have been evaluating ways to further streamline our business and focus our investments on entertainment markets where we are best positioned to generate the strongest returns. As such, we felt the time was right to exit the AutoSense and related imaging business,” said Jon Kirchner, chief executive officer of Xperi.
• Sale proceeds of $42.7 million are comprised of a senior secured promissory note in the principal amount of approximately $27.7 million carrying a fixed rate of 8% interest to be repaid by Tobii in three annual installments beginning in 2027, and an aggregate of $15 million in future cash payments scheduled to be received over four years beginning in 2028.
• The deal is expected to close within 30 days, and the estimated impact on 2024 revenue is approximately $30 million and the transaction is expected to be modestly accretive to Adjusted EBITDA upon closing.
• Source: Press Release

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