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BRIEF-Tessera Technologies to buy DTS Inc for about $850 mln

Sept 20 Tessera Technologies Inc :

* Tessera technologies to acquire DTS

* Deal immediately accretive to EPS and cash flow

* Projected 2016 pro forma revenue of about $450 million for combined company

* All-cash transaction is valued at approximately $850 million

* Combined company to be renamed at closing of transaction

* Combined company is expected to realize $15 million in annualized cost synergies within first 12-18 months following deal closing

* DTS stockholders will become entitled to receive $42.50 per share in cash at time of closing

* Tessera intends to fund acquisition with combination of available cash on hand and approximately $600 million of committed debt financing

* Transaction has been unanimously approved by both companies' respective boards of directors

* A new corporate name and stock symbol will be adopted in connection with closing of transaction

* Additionally, all of DTS's outstanding debt will be retired at closing of transaction Source text for Eikon: Further company coverage:

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