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Alphawave IP Group PLC - London-based connectivity technology provider - Completes the acquisition of Milpitas, California-based OpenFive, a processor-agnostic custom silicon business bought in March for $210 million in cash.
Alphawave Chief Executive Officer Tony Pialis says: ‘This acquisition accelerates our ambition to become a leading pure-play provider of connectivity technology, covering silicon IP and custom silicon solutions like chiplets. The combination adds scale and expands our expertise into custom silicon.’
Says the transaction will be immediately EPS accretive to the company. It expects 2023 revenue for the enlarged company to reach between $325 million to $360 million, with revenue run rate of more than $500 million in 2024. Adjusted earnings before interest, tax, depreciation and amortisation margins are expected to be between 32% and 36% in 2023 and between 40% to 45% in 2025.
Alphawave IP will release interim 2022 results on September 21.
Current stock price: 132.13 pence, down 1.5%
12-month change: down 60%
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