Synopsys To Buy Avant for $769 Million

Synopsys(SNPS Quote) agreed to buy Avant(AVNT Quote) for stock worth $20.55 a share, or $769 million.

Both companies make technology used to design computer chips.

Synopsys also said it earned $24.5 million, or 39 cents a share, before items in the fourth quarter on revenue of $183.6 million; the consensus estimate had been 36 cents a share.

But the company lowered its first-quarter guidance, saying it now expects to earn 24 cents to 28 cents before items compared with a consensus estimate of 34 cents.