Microchip Technology agreed to acquire Taiwan-based ISSC Technologies on May 22, 2014, to expand its low-power Bluetooth and broader wireless semiconductor capabilities. The cash tender offer later secured about 83.46% of ISSC’s shares in July 2014, and Microchip completed the purchase of all remaining shares by June 30, 2015.
What Microchip announced
Microchip Technology’s definitive agreement covered ISSC Technologies Corporation, a wireless semiconductor company headquartered in Hsinchu, Taiwan. ISSC also had customer-service or research activity in Shenzhen, China, and Torrance, California.
Microchip presented ISSC as a provider of low-power Bluetooth and advanced wireless solutions for Internet of Things applications. The buyer said the combination would add ISSC’s wireless products and technology to Microchip’s brand, sales channel and operating capabilities.
That rationale was Microchip’s stated strategic case for the transaction, not an independent measurement of the deal’s eventual results.
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What ISSC contributed
Low-power Bluetooth system-on-chip products
ISSC developed Bluetooth system-on-chip products for manufacturers of wireless headsets, speakers, connectivity products and human-interface-device (HID) products. Its expertise gave Microchip a more specialized position in short-range, low-power wireless silicon used inside connected consumer and embedded products.
A focused wireless semiconductor business
Microchip’s May 2014 announcement cited ISSC net sales of US$69.2 million for 2013 and an 18.9% operating margin. Those figures were ISSC results reported under IFRS and cited by Microchip; they are historical company-reported measures, not current performance indicators.
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Offer price and announced valuation
Microchip announced a cash tender offer of NT$143 per ISSC share. The company described that as approximately US$4.74 per share using an assumed exchange rate of NT$30.15 to US$1 at the time of the announcement.
| Measure | Announced figure | Qualification |
|---|---|---|
| Tender-offer price | NT$143 per share | Cash offer announced in May 2014 |
| Approximate U.S. dollar price | US$4.74 per share | Microchip’s conversion using NT$30.15 per US$1 |
| Total equity value | About NT$9.9 billion, or approximately US$328.5 million | Announcement estimate and exchange-rate conversion |
| Enterprise value | About NT$8.9 billion, or approximately US$294.3 million | Announcement estimate after accounting for ISSC cash and investments |
Because these dollar amounts used Microchip’s assumed exchange rate and transaction estimates, they should not be read as a current valuation or a later market price.
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How the acquisition was completed
May 22, 2014: agreement announced
Microchip announced that it had signed the definitive agreement to acquire ISSC and launched the planned cash tender offer.
July 14, 2014: tender offer expired
When the offer expired, 57,228,225 ISSC shares had been tendered. Microchip reported that this represented approximately 83.46% of ISSC’s outstanding shares, above the stated minimum tender condition.
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July 17, 2014: majority ownership acquired
Microchip’s later annual-report account records that it acquired an 83.5% interest in ISSC on July 17, 2014. The slight difference from 83.46% reflects the rounded presentation in the annual report.
June 30, 2015: remaining shares acquired
Microchip subsequently purchased the remaining ISSC shares and reported completing 100% ownership as of June 30, 2015. Therefore, the May 2014 announcement was the start of the transaction, not the date on which Microchip owned all of ISSC.
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Why the deal fit Microchip’s strategy
Microchip described the acquisition as a way to expand its wireless and Internet of Things solutions, products and capabilities. ISSC supplied technology in a category that complemented Microchip’s existing semiconductor portfolio, while Microchip offered a larger sales organization, established brand and operating infrastructure.
- Technology expansion: low-power Bluetooth expertise and Bluetooth SoCs.
- Market expansion: access to headset, speaker, connectivity and HID product makers.
- Portfolio breadth: additional wireless building blocks for IoT and embedded designs.
- Commercial leverage: the potential to use Microchip’s sales channel and operating scale to support ISSC products.
Microchip’s then-chief operating officer, Ganesh Moorthy, summarized the company’s position by saying, “We are delighted to have ISSC join the Microchip team.” The statement expresses the buyer’s intent; the available transaction record does not establish an independent post-acquisition assessment of synergies, cross-selling or financial performance.
What “Microchip buys Taiwan’s ISSC Tech” means
This was a strategic semiconductor acquisition rather than a consumer-product purchase. Microchip bought a specialized wireless chip company whose Bluetooth system-on-chip technology could broaden the products and markets it served. The transaction moved from announcement in May 2014, to majority ownership after the July tender offer, to full ownership by June 30, 2015.
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