Semtech to buy Sierra Wireless in $1.2 billion deal

Semiconductor supplier Semtech Corp will acquire Canada’s Sierra Wireless Inc in a deal valued at $1.2 billion, the companies said on Tuesday.

Semtech will acquire all shares of Sierra Wireless for $31 per share in an all-cash deal, according to a statement.

“Internet of things” solutions provider Sierra said earlier in the day that it was in advanced discussion with Semtech about a possible deal.