Israeli Chipmaker Hailo Sold at Heavy Loss to US Firm Microchip
Translated & summarized from Globes by baba
Israeli chip company Hailo is sold at a heavy loss to US semiconductor firm Microchip, marking Microchip's first acquisition and a significant financial setback for Hailo.
The story in 5 lines · by baba
- Israeli chipmaker Hailo is sold at a loss of hundreds of millions of dollars.
- The buyer is US semiconductor company Microchip, making its first-ever acquisition.
- Microchip is a smaller Nasdaq-listed company valued at about $42 billion.
- Hailo was once considered a promising Israeli tech company backed by major investors.
- The sale price is reportedly a small fraction of Hailo's previous valuation.
Hailo, once one of Israel's few promising chip companies backed by notable investors such as Zohar Zisapel, Rakefet Russak-Aminoach, Idan Ofer, and Gil Agmon, is being sold at a significant loss to the American semiconductor company Microchip. This transaction marks Microchip's first acquisition in its history. The deal was first revealed by Globes earlier this month. Microchip, a smaller chipmaker listed on Nasdaq with a market value of approximately $42 billion, has raised over $350 million to date. Despite Hailo's previous high expectations, it is reportedly being sold for a fraction of its earlier valuation to the smaller US company. The article highlights the financial setback for Hailo and the strategic move by Microchip to enter the Israeli semiconductor market through this acquisition.
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