Zarlink Semiconductor Inc. begins raising approximately $55 million to help fund the acquisition of Legerity Holdings Inc., a communications equipment company based in Austin, Texas. The company has filed a preliminary prospectus for an offering that will entitle holders to receive $1,000 principal amount of convertible unsecured subordinated debentures of Zarlink upon closing of the deal, which was announced late last month. Zarlink indicated earlier that it would offer approximately $US134.5 million for Legerity, which makes voice integrated circuits for carrier, enterprise and residential gateway equipment. The combined semiconductor company would have revenues of more than US$250 million.