Cadence to acquire Rambus PHY IP business

Cadence Design (CDNS) and Rambus (RMBS) announced that they have entered into a definitive agreement for Cadence to acquire the Rambus SerDes and memory interface PHY IP business. Rambus will retain its digital IP business, including memory and interface controllers and security IP. The expected technology asset purchase also brings Cadence proven and experienced PHY engineering teams in the United States, India and Canada, further expanding Cadence’s domain-rich talent base. The transaction is expected to be immaterial to revenue and earnings this year for each company. It is expected to close in the third calendar quarter of 2023, subject to certain closing conditions.