MERGERS, ACQUISITIONS AND DIVESTITURES Joint Venture with SK hynix On October 23, 2018, the Company entered into a definitive agreement with SKHS (a wholly owned subsidiary of SK Hynix) to form a JV entity to be headquartered in Hong Kong. The transaction is expected to close in the second quarter of fiscal 2019. The Company will contribute $2.4 million in cash and transfer its NAND business to the JV entity. The Company will own 40% of the JV entitys common stock. The NAND business is presently reported as part of the MPD segment. The Company recognized $167.3 million , $168.1 million and $180.5 million in revenue from the NAND business for the years ended December 30, 2018, December 31, 2017 and January 1, 2017, respectively. Acquisition of a software business On August 14, 2018, the Company acquired an embedded software company focused on the Internet of things market for cash consideration of $3 million . The purchased assets were primarily developed technology. Pro forma results of operations of this acquired company are not presented because the effect of the acquisition was not material. Acquisition of IoT Business On July 5, 2016 , the Company completed its acquisition of certain assets primarily related to the wireless IoT business of Broadcom Corporation pursuant to an Asset Purchase Agreement, dated April 28, 2016 . In connection with the closing of the transaction, the Company paid Broadcom $550 million in cash. The results of the business acquired as part of this acquisition are reported in the Companys Microcontroller and Connectivity Division. The acquisition was accounted for using the purchase method of accounting. Approximately $9.2 million in expenses were incurred as acquisition expenses related to the wireless IoT business and were recorded in the Selling, general and administrative line item in the Consolidated Statements of Operations. The table below represents the allocation of the purchase price to the net assets acquired based on their estimated fair values: Final allocation as of January 1, 2017 Intangible assets $ 324,000 Property, plant and equipment 16,270 Inventories 11,655 Other current assets 6,550 Other long-term assets 4,203 Goodwill 189,094 Total assets acquired $ 551,772 Other current liabilities (1,199 ) Other long-term liabilities (573 ) Total liabilities assumed (1,772 ) Fair value of net assets acquired $ 550,000 The purchase price was allocated based on the estimated net tangible and intangible assets of the wireless IoT business that existed on the date of the acquisition. The fair value of identifiable intangible assets acquired was based on estimates and assumptions made by management at the time of the acquisition. Identifiable intangible assets The table below shows the valuation of the intangible assets acquired from Broadcom along with their estimated useful lives: Amount Estimated life (in thousands) (in years) Existing Technology $ 189,300 4 In-Process Research and Development Technology Arrangement 88,900 N/A Backlog 13,500 &lt;1 Customer Relationships 20,000 10 License Agreements 3,700 1 Trademarks 8,600 4 Total intangible assets $ 324,000 In-process research and development ("IPR&amp;D") consisted of six projects. All projects reached technological feasibility and were transferred to developed technology by the end of fiscal 2018. The related intangible assets are amortized over their useful lives which were approximately 4 years . Goodwill The excess of the fair value of the purchase consideration over the fair values of these identifiable assets and liabilities was recorded as goodwill. The goodwill recognized is primarily attributable to the assembled workforce, a reduction in costs and other synergies, and an increase in product development capabilities. Goodwill was initially allocated to the Companys previous Data Communications Division and was reallocated to the new Microcontroller and Connectivity Division during the fourth quarter of 2016. The goodwill resulting from the acquisition is deductible for tax purposes. Pro forma consolidated results of operations The following unaudited pro forma financial data for the year ended January 1, 2017 assumes that the acquisitions of the wireless IoT business from Broadcom had occurred at the beginning of fiscal year 2017. The pro forma information includes adjustments to amortization and depreciation for intangible assets and property, plant and equipment, adjustments to stock-based compensation expense, and interest expense for the incremental indebtedness incurred, amortization of the step up to fair value of acquired inventory, acquisition related expenses and tax related expenses. Year Ended January 1, 2017 (In thousands, except per-share amounts) Revenues $ 2,018,124 Net loss $ (722,342 ) Net loss per share attributable to Cypress Basic $ (2.26 ) Diluted $ (2.26 )