Silicon Motion Technology To Acquire Shannon Systems - Quick Facts

(RTTNews) - Silicon Motion Technology Corp. (SIMO), a provider of NAND flash controllers for solid state storage devices, Friday said it has entered into a definitive agreement to acquire Shannon Systems, a supplier of enterprise-class PCIe SSD and storage array solutions to China's internet and other industries.

Silicon will acquire Shannon for a total purchase price of $57.5 million, which includes a combination of cash, equity and contingency payments.

The transaction has been approved by the boards of directors of both companies, and it is expected to close by the end of July 2015.