Knowles Agrees To Sell Its Consumer MEMS Microphones Business To Syntiant For $150M
Portfolio Pulse from Benzinga Newsdesk
Knowles Corporation has agreed to sell its Consumer MEMS Microphones business to Syntiant for $150 million. The deal includes $70 million in cash and $80 million in Syntiant preferred stock. Knowles plans to use the cash proceeds to reduce debt and repurchase its own stock.
September 19, 2024 | 10:56 am
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Knowles Corporation is selling its Consumer MEMS Microphones business to Syntiant for $150 million. The transaction will provide Knowles with $70 million in cash and $80 million in Syntiant preferred stock. Knowles plans to use the cash to pay down debt and repurchase its own stock, which could positively impact its stock price.
The sale of the Consumer MEMS Microphones business will provide Knowles with significant cash and stock assets. The company's intention to use the cash for debt reduction and stock repurchase is likely to be viewed positively by investors, as it can improve the company's financial health and increase shareholder value.
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