SiTime (NASDAQ:SITM) has agreed to purchase Aura Semiconductor’s clock products for $148 million in cash, the company said Wednesday.
The company will make a fixed payment of $36 million at close, $75 million in 2024, and $37 million in 2025.
The company will license all of Aura’s clock IP, and the deal includes potential earnouts for the seller of up to $120 million.
As part of the transaction, the company is opening an office in Bengaluru, India, with an engineering and support team.
Barclays acted as the exclusive financial advisor to SiTime.
Separately, Beth Howe has been named EVP and chief financial officer of the company effective November 8, replacing Art Chadwick.