WISeKey International (WKEY) unit SEALSQ (LAES) reached an agreement in principle to buy IC'ALPS, a French company specializing in application-specific integrated circuit design and supply, for 12.5 million euros ($14.1 million) in cash and stock.
The agreement consists of 10 million euros in cash and 2.5 million euros in SEALSQ shares with an additional earn-out of up to 4 million euros in shares linked to a revenue target.
The acquisition is subject to approval by French regulators, WISeKey said Thursday in a statement.
WISeKey shares rose 6.5% in recent trading Thursday, and SEALSQ gained 8%.
Price: 6.95, Change: +0.42, Percent Change: +6.45
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