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NVIDIA to Purchase PortalPlayer
Sunday, November 5th, 2006 at 2:00 PM - by Jeff Gamet
Video card maker NVIDIA has agreed to purchase PortalPlayer - the company best known for the chips it manufactured for Apple's iPod. The deal will cost NVIDIA US$357 million in cash.
NVIDIA will pay $13.50 for each outstanding share of PortalPlayer stock, which represents a 19 percent premium to the company's 20 day average closing price through November 3. The Board of Directors for both companies approved the purchase, but it is still subject to regulatory approvals.
Earlier this year, Apple started moving away from PortalPlayer's system-on-a-chip processors for the iPod product line. Apple's decision dealt a serious blow to PortalPlayer's bottom line since an estimated 70 percent of the company's revenue came from iPod chip sales.
Richard Sanquini, chairman of PortalPlayer's Board of Directors, commented "We believe the deal is a win-win for our employees and shareholders. We have spent the past several months extensively exploring our strategic options. We feel the advantages offered by the NVIDIA acquisition are the most compelling, and that our customers and employees will benefit from NVIDIA's strong position in handheld GPU technologies and its vast resources and global reach."
NVIDIA plans to use PortalPlayer's technology to improve its position in the handheld product market.
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