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Chip maker buys USB company

With the full acquisition of Symwave, SMSC will

With the full acquisition of Symwave, SMSC will make a cash per-share payment to Symwave stockholders. Photo Credit: Symwave

The Hauppauge computer chip supplier SMSC has bought a California company that produces USB 3.0 products capable of transferring data ten times faster than the current USB 2.0 computer port technology.

SMSC had already invested $5.2 million in the company to be acquired, Symwave Inc. of Laguna Niguel, Calif., gaining a 14 percent stake. And it had also invested $3.2 million in bridge financing to Symwave.

Now with the full acquisition of Symwave, SMSC will make a cash per-share payment to Symwave stockholders. In a news release about the buy, SMSC did not say how much it would spend for the per-share payments, which could vary depending on Symwave's financial progress during 2011.

SMSC specializes in devices that connect analog, digital and mixed-signal electronics.
Symwave's USB 3.0 products are intended for external storage, cell phones, media players, camcorders and digital cameras.

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