Knowles To Sell CMM Business To Syntiant For $150 Mln

(RTTNews) - Knowles Corp. (KN) announced on Thursday that it has agreed to sell its Consumer MEMS Microphones or CMM business to Syntiant Corp., an AI chip manufacturer, for $150 million.

This deal includes $70 million in cash and $80 million in preferred stock from Syntiant. Knowles intends to use the proceeds from this sale to reduce its debt and buy back shares.

This decision is aimed at positioning Knowles as a leading industrial technology firm, with a focus on its Precision Devices and MedTech & Specialty Audio divisions.

The transaction is anticipated to close in the fourth quarter of 2024.