Dialog has been under pressure ever since Apple said it was working on developing its own PMIC chips.

Last year, Apple accounted for 75% of Dialog’s sales. After the sale, Apple will account for 35-40% of Dialog’s sales.

Dialog’s shares rose over 30% on the news.

300 Dialog engineers move over to Apple whose headcount now drops to 1,800.

See also: Apple GPU changes hit Imagination Technologies