Apple has found one way to shrink its huge pile of cash.
The iPhone maker has agreed to acquire AuthenTec, a mobile security company, for $356 million in cash, according to a filing. Apple will pay AuthenTec's shareholders $8 per share, a 60 percent premium above Thursday's closing price.
The deal will put a small dent in Apple's cash supply, which stood at more than $117 billion at last count. But the company, which designs security products for mobile devices such as fingerprint sensors, could help Apple bolster the security of its products, which have been been major targets for malicious software attacks. Years ago, Apple computers were once known for their lack of viruses but the incredible popularity of its devices has become a siren for bad agents, seeking to extract private financial information or merely wreak havoc on the digital lives of consumers.
According to Friday's filling, if AuthenTec opts for a superior bid from a rival company, it will pay Apple $10.95 million. However, if the deal does not close because of antitrust issues, Apple will pay AuthenTec $20 million.
AuthenTec hired Piper Jaffray to serve as its financial adviser and Alston & Bird to be its legal adviser.
