Wireless chip company CSR has agreed to merge with Zoran, a consumer chip company. The deal is worth $679 million. CSR is known for developing personal wireless devices like GPS systems and Bluetooth headsets. Zoran develops digital technology chips that go into cellphones and digital cameras.
Zoran shareholders will receive 1.85 ordinary shares of CSR (American depository shares) for each share of Zoran common stock. CSR will also be returning up to $240 million to shareholders through a buyback program. Zoran and CSR will integrate their technologies for creating location-aware multimedia devices. In 2010 Zoran made pro-forma revenues of about $441 million.