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IXYS > SEC Filings for IXYS > Form 8-K on 3-Jun-2013All Recent SEC Filings

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Form 8-K for IXYS CORP /DE/


Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement.

On May 24, 2013, IXYS Corporation (the "Parent"), IXYS Intl Limited, an indirect wholly owned subsidiary of the Parent (the "Purchaser"), and Samsung Electronics Co., Ltd. (the "Seller") entered into an Asset Purchase Agreement (the "Agreement"), pursuant to which the Purchaser agreed to purchase certain assets of the Seller exclusively related to its 4-bit and 8-bit microcontroller business in exchange for consideration of approximately $50 million. The assets include products, inventories, intellectual property and other assets. Payment of the purchase price will occur in three installments, with the final payment due by December 31, 2014.

The acquisition is subject to closing conditions, including the accuracy of representation and warranties and the receipt or execution of certain consents, confirmations and agreements. Among those agreements, the Purchaser and the Seller shall, at the closing, enter into a foundry agreement, a license agreement and a transition services agreement. The foundry agreement provides for the continued manufacture by the Seller of the products being acquired. The license agreement grants to the Purchaser a nonexclusive license of related intellectual property and technology. The transition services agreement sets forth various services to be provided by the Seller for transitional periods.

Pursuant to the Agreement, the Seller agrees not to compete with the Purchaser in the business being transferred for 10 years. The Agreement is terminable on certain events, including termination by either party if the closing has not occurred by December 31, 2013.

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