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BUSINESS ACQUISITIONS AND DIVESTITURES
9 Months Ended
Dec. 31, 2018
Business Combinations [Abstract]  
BUSINESS ACQUISITIONS AND DIVESTITURES
BUSINESS ACQUISITIONS AND DIVESTITURES
In October 2018, the Company completed the acquisition of a business that was not significant to the consolidated financial position, result of operations and cash flows of the Company. The acquired business expanded the Company's design capabilities in the telecom market within the CEC segment. The assets acquired and liabilities assumed were not material to the Company's consolidated financial results. Results of operations were included in the Company’s condensed consolidated financial results beginning on the date of acquisition, and were not material to the Company’s consolidated financial results for all periods presented.
During the third quarter of fiscal year 2019, the Company disposed of an immaterial non-strategic business in Brazil that operated across all of its segments. The net loss on disposition was not material to the Company's consolidated financial results, and was included in other charges (income), net in the condensed consolidated statement of operation for the three and nine-month periods ended December 31, 2018.
Further, during the second quarter of fiscal year 2019, the Company divested its China-based Multek operations, for proceeds of approximately $267.1 million, net of cash. The Company transferred approximately $231.4 million of net assets, primarily property and equipment, accounts receivable, and accounts payable. Further, the Company incurred various selling transaction costs as part of this divestiture and allocated approximately $19.0 million of goodwill to the divested business. This transaction resulted in the recognition of an immaterial loss which is included in other charges (income), net in the condensed consolidated statements of operations for the three and nine-month periods ended December 31, 2018.
Pro-forma results of operations for these divestitures have not been presented because the effects were not individually, nor in the aggregate, material to the Company's consolidated financial results for all periods presented.