Apple-only diet proved unwise for Cirrus Logic
When Apple was a go-go stock, component makers liked having a lot of exposure to the company. Now that Apple’s growth has slowed, those same companies want to be more diversified. Among public companies, audio chipmaker Cirrus Logic (CRUS) had the greatest exposure to Apple (AAPL). On Tuesday, Cirrus took a step to diversify its customer base by agreeing to acquire Wolfson Microelectronics. Austin, Texas-based Cirrus will purchase Wolfson for about $467 million in cash. The deal is expected to close in the second half of 2014. Wolfson is headquartered in Edinburgh, Scotland. “This acquisition strengthens Cirrus Logic’s core business as a leader in audio signal processing components, enhances our ability to differentiate our products with software, and adds new product categories such as MEMS microphones to our portfolio, ” Cirrus CEO Jason Rhode said in a statement. Cirrus investors cheered the deal, sending the company’s stock up 6.6% to…