Lattice Semiconductor announced it has entered into a definitive agreement with THL Partners to acquire AMI, the leader in platform firmware and infrastructure manageability for cloud and AI, for total consideration of $1.65 billion on a cash-free, debt-free basis, consisting of $1 billion in cash and approximately $650 million in shares of Lattice common stock, subject to customary adjustments.
The acquisition pairs Lattice’s low-power FPGAs with AMI’s platform firmware and infrastructure manageability solutions to address datacenter modularity, complexity, uptime, and deployment challenges, while maintaining a shared commitment to agnostic companion chips and solutions across compute, communications, industrial, and embedded markets. AMI is expected to generate over $200 million in revenue in 2026 and is currently majority owned by THL Partners.
Lattice expects the transaction to be immediately accretive to gross margin, free cash flow, and non-GAAP EPS, and to support the company’s trajectory toward a $1 billion-plus annual revenue run rate by the end of 2026. The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals.
Support: Morgan Stanley & Co. served as exclusive financial advisor and Wilson Sonsini Goodrich & Rosati served as legal counsel to Lattice, with Wells Fargo and Morgan Stanley providing committed financing. J.P. Morgan Securities served as exclusive financial advisor and Ropes & Gray LLP served as legal counsel to AMI.
KEY QUOTES:
“Our acquisition of AMI advances our everywhere companion chip strategy and shared vision to deliver secure management and control solutions that help customers deploy complex systems faster and with greater confidence, with expanded design choice and flexibility. AMI’s expertise in firmware and infrastructure for cloud and AI is a natural extension of our portfolio.”
Ford Tamer, President and CEO, Lattice Semiconductor
“Lattice and AMI share a long history of collaboration and a common vision for secure system design. This combination allows us to build on that foundation, extending the reach of AMI’s platform firmware and infrastructure manageability solutions while maintaining the open, silicon-agnostic, multi-vendor support our customers value.”
Sanjoy Maity, CEO, AMI
