Israel's ChipX buys assets from Oki Semiconductor

TEL AVIV, Feb 21 (Reuters) - Israel's ChipX Corp. has acquired the U.S. ASIC (application-specific integrated circuit) business of Oki Semiconductor Co., a division of Oki America Inc., one of ChipX's shareholders said on Wednesday.

Elron Electronic Industries Ltd. (ELRN.O) ELNR.TA, an Israeli technology holding company, owns 29 percent of ChipX, a provider of ASIC devices for the electronics industry.

Financial details were not disclosed.

Oki America is a subsidiary of Japan's Oki Electric Industry Co. (6703.T).

In addition, ChipX and Oki Semiconductor have signed a collaboration agreement which will enable ChipX to gain access to Oki Semiconductor's technology, libraries and foundry services, Elron said in a statement.

This transaction will boost ChipX's ASIC capabilities and enable it to offer its customers a range of differentiated ASIC products.

"This acquisition will potentially double ChipX's revenues in 2007 and will position ChipX as a major ASIC supplier in North America," said Doron Birger, president and chief executive officer of Elron and chairman of ChipX.