Silicon Labs has announced the completion of the sale of its Infrastructure & Automotive business to Skyworks Solutions for US$2.75bn in an all-cash deal.

The closure officially positions Silicon Labs as a wireless connectivity specialist.

“The company’s leading wireless development platform, unmatched product portfolio, award-winning security technology and robust ecosystem enable it to capitalise on the growing, diverse global IoT market,” it said in a statement.

Silicon Labs expects to use most of the net proceeds of approximately $2.3bn after taxes and transaction costs to return approximately $2bn to shareholders through a combination of special dividends and/or share repurchases.