TDK to Purchase InvenSense in $1.3B Cash Deal

Japan-based TDK is purchasing InvenSense, a sensor manufacturer for Apple products, in a cash deal valued at $1.3 billion,
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Japan-based TDK is purchasing InvenSense (INVN) , a sensor manufacturer for Apple (AAPL) - Get Report products, in a cash deal valued at $1.3 billion, or $13 a share. This represents a 20% premium to InvenSense's closing stock price of $10.84 on Tuesday. InvenSense technology is responsible for readjusting a user's screen when they turn his or her smartphone. "This acquisition is a fundamental element in TDK's strategy to provide unique and high-value-added products and services in IoT," said TDK's President and CEO Shigenao Ishiguro in a press release. "We aim to become a strong player in the sensor business with InvenSense as our perfect partner."