Lattice to acquire AMI for $1.65bn

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• Lattice closes $1.65bn AMI deal in Q3 2026 with $1bn cash and $650m in stock • AMI deal bolsters firmware control across cloud and AI infrastructure The fact Lattice Semiconductor said on 4 May it will acquire American Megatrends Inc for $1.65bn, including $1bn in cash and about $650m in shares. The deal is expected to close in Q3 2026. AMI, majority owned by THL Partners, is forecast to generate over $200m in revenue this year. The acquisition would lift Lattice's run rate above $1bn annually by Q4. The Assessment The deal gives Lattice control of AMI's BIOS and firmware stack software that boots and manages servers before the OS loads.

At roughly 8x revenue, the price reflects Lattice's bet that system-level control will become a differentiator in AI infrastructure. The integration risk is non-trivial: combining FPGA hardware with firmware software is a new playbook for the company. What to Watch First joint product announcements combining Lattice FPGAs with AMI firmware; design-win traction with major cloud providers within 12 months of close. Also read: AVK launches PowerPod modular data centre system Also read: ZincFive targets AI data centre power surges under EU rules