Knowles Corp. (KN) announced on Thursday its intention to sell its Consumer MEMS Microphones (CMM) business to Syntiant Corp., a manufacturer specializing in artificial intelligence chips, for $150 million.
The agreement specifies a payment structure of $70 million in cash and $80 million in Syntiant preferred stock. Knowles plans to allocate the proceeds from this sale towards debt reduction and share repurchase initiatives.
This strategic move is designed to position Knowles as a leading industrial technology company, with a concentrated focus on its Precision Devices and MedTech & Specialty Audio divisions.
The transaction is expected to be finalized in the fourth quarter of 2024.
