Intersil gets $390 million debt commitment for Techwell purchase

By Sara Rosenberg

New York, March 22 - Intersil Corp. has received a $390 million debt financing commitment to help fund its acquisition of Techwell Inc., according to an 8-K filed with the Securities and Exchange Commission on Monday.

Morgan Stanley provided the commitment.

Under the agreement, Intersil is buying Techwell for $18.50 per share. Net of Techwell's cash and equivalents, the transaction values Techwell at about $370 million.

The acquisition is expected to close during Intersil's second quarter and is subject to customary regulatory approvals and the satisfaction of other transaction conditions, including the tender of at least 50% of Techwell's outstanding shares.

Intersil is a Milpitas, Calif.-based designer and manufacturer of high-performance analog and mixed signal semiconductors. Techwell is a San Jose, Calif.-based fabless semiconductor company.

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