Intersil to buy Techwell for $418 million

Intersil Corp. agreed to acquire Techwell Inc. for about $418 million, as the semiconductor company looks to boost its industrial business, which will become its largest market.

The company will pay Techwell $18.50 a share, a 49% premium to Friday’s closing price. Net of cash on Techwell’s books, Intersil anticipates paying about $370 million. The Milpitas, Calif., company has received $390 million of financing through Morgan Stanley.

[Wall Street Journal]