Rambus sells SerDes and memory interface PHY IP business to Cadence for $110M

RAMBUS INC

Rambus signs agreement to sell SerDes and memory interface PHY IP assets to Cadence for $110M cash, subject to adjustments.
Transaction expected to close in Q3 2023, subject to conditions; Rambus agrees to 5-year non-compete on licensing such PHYs.
Rambus retains digital IP business (memory/interface controllers, security IP); focuses on high-growth chips and digital IP.
Cadence gains PHY engineering teams in US, India, Canada, expanding IP portfolio for AI, data center, and networking.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RAMBUS INC entered into Purchase Agreement with Cadence Design Systems, Inc. valued at $110 million in cash (effective 2023-07-19).

Action: entry
Agreement: asset purchase
Counterparty: Cadence Design Systems, Inc.
Value: $110 million in cash
Effective: 2023-07-19

Exact text from the filing

On July 19, 2023, Rambus Inc. (“Rambus”) and Cadence Design Systems, Inc. (the “Purchaser”) entered into an asset purchase agreement (the “Purchase Agreement”) pursuant to which Rambus agreed to sell certain assets, and the Purchaser agreed to assume certain liabilities from Rambus, in each case with respect to Rambus’ SerDes and memory interface PHY IP business, for $110 million in cash, subject to certain adjustments (the “Transaction”).

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Source: SEC EDGAR

accession 0001193125-23-190498

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