A Galway-based telecommunications chip design company has been acquired by US company, PMC-Sierra, for $25.8 million (€25.5 million). Toucan Technology, a six-year-old company which employs 30 people, has agreed to take up 150,000 PMC-Sierra shares. The acquisition nets $11.1 million for Toucan cofounders, Mr Pat Sheehan and Mr Bryan Campbell, who between them hold a 43 per cent stake in Toucan.