Silicon Labs announced today the completion of the divestiture of its Infrastructure & Automotive business to Skyworks Solutions (NASDAQ: SWKS) for $2.75 billion in an all-cash asset transaction.

"I thank the dedicated team at both companies for executing a transformative transaction," said Silicon Labs CEO Tyson Tuttle. "To my former infrastructure and automotive colleagues, you have not only been a cornerstone of Silicon Labs' success but also a personal source of pride. We wish you continued successes at Skyworks Solutions."

The closure officially positions Silicon Labs as a pure-play leader of secure, intelligent wireless connectivity. The company's leading wireless development platform, unmatched product portfolio, award-winning security technology and robust ecosystem enable it to capitalize on the growing, diverse global IoT market. 

Silicon Labs expects to utilize a significant portion of the net proceeds of approximately $2.3 billion after taxes and transaction costs to return approximately $2.0 billion to shareholders through a combination of special dividends and/or share repurchases.

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