June 4, 2009 / 1:27 PM / 9 years ago

UPDATE 1-Intel to buy Wind River Systems for $884 mln

* Acquisition to help Intel in embedded systems space

* Offer price at 44 pct premium

June 4 (Reuters) - The world’s top chip maker Intel Corp (INTC.O) said it agreed to buy Wind River Systems Inc WIND.O for about $884 million to gain a stronger foothold in the embedded systems and mobile handheld devices space.

The $11.50 per share cash offer for the software systems developer is almost a 44 percent premium to Wind River’s closing price of $8 on Wednesday.

The transaction is expected to close this summer and on completion of the deal, Wind River will report into Intel’s software and services group, the companies said in a statement.

Shares of Alameda, California-based Wind River were up 45 percent to $11.60 in trading before the bell. (Reporting by Sayantani Ghosh in Bangalore; Editing by Jarshad Kakkrakandy)

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