Nasdaq-listed semiconductor maker PMC-Sierra has completed the acquisition of one of its strategic partners: US-based computer processor company Wintegra.
Wintegra had been preparing its $115m flotation since May but its venture investors accepted a sale instead. PMC-Sierra paid $240m in cash and has offered a further $60m in performance targets running to the end of next year.
The company had $12m in revenue last year, twice its $6m turnover in 2008.
Wintegra had withdrawn a previous $65m initial public offering registration in 2006 three years after its series C funding round of $13m that took the total raised to $39m, according to news provider VentureWire.
Although the series C round was led by an undisclosed European investment group, its public backers have been venture capital firms Magnum Communications, Concord Ventures, Tenaya Capital and Genesis Partners along with chip peers PMC-Sierra, Marvell Semiconductor and Texas Instruments, and China Development Industrial Bank.
Texas Instruments and US chip peer PMC-Sierra had both signed strategic relationships with Wintegra along with communications equipment vendors Alcatel-Lucent, Cisco, Ericsson, Huawei, Nokia-Siemens Networks and Tellabs.