September 27, 2016 | Announcements

Tessera to Acquire DTS

We are pleased to announce that our client, Tessera Technologies, Inc. (Nasdaq: TSRA or “Tessera”), has entered into a definitive agreement to acquire DTS, Inc. (Nasdaq: DTSI or “DTS”) for $42.50 per share, or approximately $850 million in equity value, in an all-cash transaction. This transaction marks a transformational step in the execution of Tessera’s strategic vision, with complementary technology portfolios that are ideally suited to deliver the next generation of audio and computer imaging solutions to mobile, consumer electronics, and automotive markets while expanding their ability to address new opportunities in IoT and AR/VR.
The acquisition is expected to be immediately accretive to Tessera’s non-GAAP earnings per share. Tessera intends to fund the acquisition with a combination of available cash on hand and approximately $600 million of committed debt financing. Additionally, all of DTS’s outstanding debt will be retired at the closing of the transaction.

GCA acted as exclusive financial advisor to Tessera in connection with this transaction.
About Tessera
Tessera Technologies, Inc., including its Invensas and FotoNation subsidiaries, licenses technologies and intellectual property to customers for use in areas such as mobile computing and communications, memory and data storage, and 3D-IC technologies, among others. The company’s technologies include semiconductor packaging and interconnect solutions, and computational imaging and computer vision products and solutions for mobile and other vision systems. For more information, visit
About DTS
DTS, Inc. has been dedicated to making the world sound better. Through its pioneering audio solutions for mobile devices, home theater systems, cinema, automotive and beyond, DTS provides incredibly high-quality, immersive and engaging audio experiences to listeners everywhere. DTS technology is integrated in more than two billion devices globally, and the world’s leading video and music streaming services are increasingly choosing DTS to deliver premium sound to their listeners’ network-connected devices. For more information, visit

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