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Integrated Device Technology (IDT) will acquire optical interconnect IC vendor GigPeak for $250 million in cash, the companies said Monday.The deal, worth $3.08 for every share of GigPeak, values the company at a 22 percent premium over its closing price Feb. 10, IDT (San Jose, Calif.) said.

Gregory Waters, IDT’s president and CEO, said the deal would give IDT products and technology that would complement the company’s position in real-time interconnect ICs. GigPeak is a leader in optical, RF and video transport technology and “a perfect fit” for IDT, Waters said.

“We gain an exceptional group of talented people and valuable intellectual property with the GigPeak team, and welcome them into one of the most innovative companies in the semiconductor industry,” Waters said, in a statement.

The boards of directors of both companies have unanimously approved the terms of the deal and GigPeak’s board will recommend it to shareholders, the companies said.

GigPeak announced Monday that it achieved revenue of $58.7 million for its fiscal year, up 45 percent compared to sales in its previous fiscal year.