Integrated Device Technology (IDT) has exercised an option to purchase the Freescale Semiconductor timing solutions business for $35 million. This transaction was initiated by Integrated Circuit Systems prior to the close of its merger with IDT, and follows a 10-year cross-licensing agreement between ICS and Freescale, also conducted before the close of its merger with IDT. Based on the terms of the transaction, IDT will acquire Freescale's timing solutions assets and serve as Freescale's preferred timing solutions provider. IDT and Freescale also entered into a long-term foundry agreement for the acquired products. The Freescale timing solutions team will be integrated with the IDT Tempe, Ariz.-based product team.

The acquired portfolio of clocking solutions is targeted at the networking, server, storage and memory clocking markets. These products include clocks for communications processor-based systems, clock synthesizers for servers, and industry-standard clock products.