CSR, Zoran merger to create ‘global leader’ in connectivity?

The deal has been struck in a bid to provide differentiated, integrated technology that addresses the rapidly growing market for connected, location aware multimedia devices including handsets, digital cameras and home entertainment equipment. CSR says that combining the two technology ranges will position the merged company to deliver advanced platforms to capture and stream media rich content. According to CSR, as well as strengthening its core business, it will create growth opportunities and enable it to become a top 10 fabless semiconductor company. CSR's chairman, ceo and cfo will lead the merged company. Dr Levy Gerzberg, co founder, president, ceo and director of Zoran will join the CSR board as a non executive director. Zoran will also propose one additional independent non executive director to join the CSR Board. Joep van Beurden, ceo of CSR, said: "Digital electronic devices are becoming increasingly connected and full of media rich features, including the ability to stream images from your camera to your pc or video conferencing from your smart phone. We expect the merger to enhance the merged company's financial strength and to create new and wider revenue opportunities that neither party could pursue on its own." Completion is expected in the second quarter of 2011 and is subject to CSR and Zoran shareholders and regulatory approvals and other customary closing conditions.