Does TI have the stomach for another big buy?

摘要

Nine years ago, Texas Instruments gambled on a mammoth acquisition that ultimately cemented its lead in the fragmented analog IC market. Now the company is counting on analog to drive its long-term growth, and achieving that goal will likely require another roll of the dice on a merger.rnBut don't look for TI to make a purchase on the scale of the 2000 deal that brought it Burr-Brown, said several analysts and one TI analog executive.rnTI certainly has the means to pursue a large acquisition. It has more than $2.5 billion in cash, zero long-term debt, a strong corporate credit rating, solid market capitalization and a stated desire to stake its future on analog ICs. Its roughly 14 percent share of the analog market is sufficient to give it the market lead but pales beside its 60 percent stake in DSPs. A large analog purchase could bring TI a deeper pool of analog engineering expertise-a scarce rnand much sought-after asset.