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National Semi to buy Cyrix

A stock deal valued at $550 million aims to develop system-on-a-chip technology for the rapidly growing entry-level PC market.

National Semiconductor (NSM) today announced it will buy Cyrix (CYRX) in a stock deal valued at $550 million.

The deal is designed to develop system-on-a-chip technology for the rapidly growing entry-level PC, Net PC, and information appliance markets.

Under the deal, every share of Cyrix will be exchanged for .825 shares of National Semiconductor.

"The unique combination of technologies resulting from the merger gives us all of the building blocks to provide complete system-on-a-chip solutions for sub-$500 PCs and a broad range of low-cost information appliances," said National CEO Brian Halla, in a statement.

"Cyrix's family of high-performance and high-integration x86 processors will enable National to drive dramatic market growth for products such as network PCs, hand-held PCs, net browsers, and other information appliances that are becoming extremely affordable."

Jay Swent, acting CEO of Cyrix, said in a statement that "Cyrix led the way in enabling the sub-$1,000 personal computer with the launch of the MediaGX, a processor that incorporates graphics, audio, and system logic functions on a single chip. By combining National's complementary technologies and high-volume manufacturing with both the integrated MediaGX and high-performance 6x86MX processors, we enable growth and creation of new markets. The technologies and capabilities of both companies fit like a glove."