DTS today announced the closing of its previously announced acquisition of SRS Labs. The closing follows the satisfaction of all conditions to the closing of the transaction, including receipt of certain regulatory approvals and approval of the transaction by SRS Labs' stockholders on July 20, 2012. SRS Labs' common stock has ceased trading on the NASDAQ Global Market.
"We are excited to have completed this transaction within our expected timeline and are now focused on executing a seamless integration, ensuring that our customers receive unparalleled service," said Jon Kirchner, DTS' chairman and CEO. "This transaction combines two highly complementary product and technology portfolios, bringing together DTS' high performance audio solutions and SRS Labs' suite of audio processing technologies. In addition, this transaction further expands DTS' already sizeable portfolio of audio-related intellectual property, creating one of the broadest in the industry. Ultimately, the addition of SRS to the DTS family will allow us to solve audio quality limitations caused by the trend toward thinner, smaller devices, which we believe will provide consumers with a high quality audio experience anytime, anyplace, and on any device."
DTS management will provide more detailed information regarding the transaction during its next regularly scheduled earnings announcement in early August.