International Rectifier, a New York-listed computer equipment company has agreed to buy Chil Semiconductor, a US-based maker of digital power products, for $75m in cash.
Tim Phillips, general manager of the Enterprise Power Business Unit of International Rectifier (IR), said: "The acquisition is the next logical step after our successful strategic product relationship with Chil during the past year and will augment IR’s talent base by adding an experienced digital power design and applications engineering team."
Founded in 2006, Chil had raised just more than $22m, including $16.7m in its C round in mid-2008, from Flybridge Capital, a venture capital (VC) firm spun out from media publisher International Data Group; iD Ventures America, a corporate venturing vehicle formed by the founder of Taiwan-based Acer; hedge fund Highland Capital Partners; and VCs Panorama Capital and GrowthWorks.