Shares of Silicon Laboratories (NASDAQ: SLAB) jumped today after the company announced yesterday that it's selling its infrastructure and automotive business to Skyworks Solutions (NASDAQ: SWKS) .
Silicon Laboratories' share price gained as much as 12% this morning, but the tech stock leveled off a bit a few hours later and was up 8% as of 11:37 a.m. EDT. Skyworks' stock gained about 4% on the news.
Silicon Laboratories said that it will sell its infrastructure and automotive business for $2.75 billion and return about $2 billion of that to its shareholders after the all-cash deal closes.
For further details see:
Why Silicon Laboratories Stock Jumped Today