Sierra Wireless Shares Rise Nearly 6% as Antitrust Review Period Ends

By Denny Jacob

Internet of Things solutions provider Sierra Wireless Inc. shares rose 5.9% to $30.96 in after-hours trading after it said a review period for its pending acquisition by chipmaker Semtech Corp. was terminated.

The two companies said they were notified that the waiting period related to the Department of Justice's review of the acquisition was terminated. The DOJ's antitrust division requested additional information and documentary material in October.

Sierra and Semtech said Thursday they currently expect the transaction to close on or about Jan. 12.

Semtech in August said it will acquire all of Sierra's outstanding shares for about $1.2 billion in an all-cash deal. Sierra shareholders will receive $31 per common share under the terms of the agreement.

Write to Denny Jacob at [e-mail]

(END) Dow Jones Newswires

January 05, 2023 17:30 ET (22:30 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.