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Achronix to go public through $2.1 billion SPAC deal

·1-min read

(Reuters) - Achronix Semiconductor Corp said on Thursday it has agreed to go public through a merger with blank-check firm ACE Convergence Acquisition Corp in a $2.1 billion deal, as it looks to invest in new products and drive growth.

The combined company, which is expected to be listed on the Nasdaq under the symbol "ACHX," will be helmed by Achronix Chief Executive Officer Robert Blake, the companies said.

The deal is expected to be completed by the end of the first half of 2021, pending approvals.

Founded in 2004, Achronix supplies field programmable gate arrays (FPGA), the electronic components used to build reconfigurable digital circuits, for use in 5G equipments and cloud computing. Intel Corp and Xilinx also make FPGA circuits.

A blank-check firm, also known as a special purpose acquisition company (SPAC), uses proceeds from an initial public offering to buy a private company and then take it public. SPACs have become popular alternatives to the traditional IPO process.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Devika Syamnath)