IDT To Buy Privately Held ZMDI For $310 Million

Integrated Device Technology Inc. , or IDT, said Monday it has agreed to buy privately held ZMDI for $310 million in cash. The acquisition is "accretive to earnings" in the first full quarter following the deal's close, IDT said. ZMDI adds digital power products related to communications infrastructure and data-center requirements, the San Jose, Calif., company said. "This move accelerates progress to our ($800 million) annual revenue goal within our industry benchmark financial performance by over a year," IDT President and CEO Gregory Waters said in a statement. "IDT's strategy is unchanged, but our product and technology position is significantly expanded." The deal is expected to close before the end of the year. Shares of IDT were up 1.8% in late trading Monday after ending the regular session down 2.8%.