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IDT Makes Two Acquisitions

Integrated Device Technology, Inc. (IDT) has acquired Fox Electronics in an all-cash transaction for approximately $30 million, and has agreed to buy PLX Technology for $330 million.

Fox Electronics, based in Florida, makes oscillator products, quartz crystals, and voltage-controlled crystal oscillators. It had $23 million in revenue in 2011.

CEO Ted Tewksbury said that in acquiring Fox, IDT now has the “industry’s most comprehensive one-stop-shop for frequency control products.”

PLX Technology, based in Sunnyvale, Calif., makes serial switching and interface chips.

The boards of IDT and PLX have approved the agreement and it is expected to close by the end of June. Under the terms the agreement, PLX may solicit higher bids from third parties until May 30, but if it does not conclude the deal with IDT, it may have to pay IDT breakup fees.

IDT, headquartered in San Jose, Calif., develops system-level solutions for communications, computing, and consumer electronics manufacturers providing mixed signal solutions.