Allegro buys Crocus

Author: EIS Release Date: Aug 17, 2023

Crocus Technology, the  Tunnel Magnetoresistance (TMR) sensor specialist, has been bought by Allegro MicroSystems for $420 million in cash.

 

“This highly complementary acquisition aligns perfectly with Allegro’s growth initiatives and our focus on e-mobility, clean energy and automation,” says Allegro CEO Vineet Nargolwala.

 

“We expect to accelerate the adoption of TMR in targeted automotive and industrial markets,” says Crocus CEO Zack Deiri.

 

The planned acquisition of Crocus will be funded with a combination of cash on hand and a new term loan.