Apple buys Israeli start-up for $400m

U.S. giant Apple Inc. has finalized its first Israeli acquisition, agreeing to buy flash memory maker Anobit for about $400 million, local financial media reported Wednesday.

"The deal was closed on Friday and yesterday the company's staff were notified," business daily TheMarker reported.

"Anobit has developed flash controllers for devices which are reportedly already embedded in Apple's iPads and iPhones," Globes daily said.

Reports on the value of the deal ranged from $300-400 million, according to TheMarker, to $400-500 million as reported by the Calcalist daily.

Israeli Prime Minister Benjamin Netanyahu tweeted a welcome message Tuesday."Welcome to Israel, Apple Inc. on your 1st acquisition here," he wrote."I'm certain that you'll benefit from the fruit of the Israeli knowledge."

Anobit, founded in June 2006, has 200 employees. Company officials couldn't be reached for comment Wednesday.

Globes said that Apple was also about to set up a processor development center in Israel but it said that the two deals were unrelated.

Calcalist said that Apple vice-president Ed Frank had recently visited Israel to discuss that project, to be located in the northern port city of Haifa.

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