Northzone et al. exit Energy Micro to Silicon Labs for $170m

Energy Micro's shareholders will receive an up-front payment of $115m in cash, as well as close to $55m in deferred and earn-out considerations.

Energy Micro is expected to contribute around $7m in revenue in the second half of 2013 for Silicon Labs.

The boards of each company have approved the acquisition, which awaits the satisfaction of customary closing conditions. The deal is expected to close in July 2013.

During Northzone's holding period, the company increased its turnover from $7m in 2012 to $14-15m in 2013.

Pricing matters aside, Northzone deemed Silicon Labs to be a perfect fit for Energy Micro's future expansion. The acquirer initiated the talks, and negotiations took a few months to complete.

Northzone and Investinor first invested in Energy Micro in March 2010, and achieved a 50% IRR on their investment. Energy Micro was the first investment from the Northzone VI fund.

Company
Based in Oslo, Energy Micro offers power-efficient portfolios of 32-bit micro-controllers, and is developing multi-protocol wireless RF solutions based on the ARM Cortex-M architecture.

People
Torleif Ahlsand is a general partner at Northzone. Tyson Tuttle is president and CEO of Silicon Labs. Geir Førre is president and CEO of Energy Micro, and is expected to become vice president and general manager of Silicon Lab's energy-friendly micro-controller and radio business unit.

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