Intersil buy of Elantec wins US approval(UPDATE: Adds details, stock prices)WASHINGTON, March 27 (Reuters) - Intersil Corp. (NasdaqNM:ISIL - news), which makes microchips for wireless communication and power management, on Wednesday won antitrust clearance from U.S. regulators to acquire Elantec Semiconductor Inc. (NasdaqNM:ELNT - news) for $998 million.The Federal Trade Commission said it has ended its review of the deal, first announced on March 11. Under the agreement, Intersil will swap 1.24 of its shares and $8 in cash for each Elantec share.Shares of Intersil were up 21 cents to $28.01 in late afternoon Nasdaq trading, while Elantec was up 34 cents at $42.45.Intersil designs wireless networking and high-performance analog solutions that enable wireless access to video, data, and voice in a variety of locations. The acquisition, the third by Intersil, is part of the company's strategy to expand into high-growth analog markets.Intersil has said it expects the deal to result in cost savings through consolidation. As a result, it expects the acquisition to add to 2003 earnings per share, excluding the impact of amortization expenses.The companies plan to close the deal during the second quarter.
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