DTS closes acquisition of SRS Labs
Audio technology maker DTS Inc. said Monday that its acquisition of SRS Labs, another audio technology company, has closed.
DTS said in April that it is buying SRS Labs in cash and stock, including costs to settle stock options, for $148 million. This includes acquired net cash of about $38 million.
DTS, based in Calabasas, Calif., said that the addition of SRS will boost its range of audio processing technologies and give it one of the broadest portfolios of audio-related intellectual property in the industry.
DTS said it plans to give more details about the acquisition during its next earnings announcement in early August.
Shares of DTS fell 47 cents, or 2.4 percent, to $18.85 in midday trading amid a broader stock market decline. The stock has traded in the 52-week range of $17.95 and $37.01.