Mouser Left Banner
Mouser Left Banner
Mouser Left Banner
Mouser Right Banner
Mouser Right Banner
Mouser Right Banner
More

    Infineon announces approval for acquisition of Cypress Semiconductor Corporation

    Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) announced that all necessary regulatory approvals have been received for its acquisition of Cypress Semiconductor Corporation (NASDAQ: CY). Infineon expects to close the transaction within five business days. Beginning of June 2019, Infineon and Cypress announced that the companies had signed a definitive agreement under which Infineon would acquire Cypress. With the acquisition, Infineon will be able to offer the industry’s most comprehensive portfolio for linking the real with the digital world and shaping digitalization.

    The company’s path of profitable growth will be accelerated by evolving from a leader in components to a leader in system solutions for the automotive, industrial and Internet of Things (IoT) markets. Its customers can benefit from Infineon’s increased global reach and enhanced design-in support tailored to their needs. The transaction will initially be funded through a combination of cash on hand and a committed acquisition financing facility provided by banks. Infineon will use the proceeds from the share placement and the issuance of the hybrid bond in 2019, totaling 2.7bn EUR.

    In addition, the acquisition facility, which is syndicated among 20 international banks, will be drawn to pay the remainder of the transaction value. With maturities ranging from March 2022 until June 2024 for individual tranches, the acquisition facility provides ample time and flexibility for the long-term refinancing measures. The company will keep liquidity corresponding to its target level of 1bn EUR plus at least 10% of sales on its balance sheet.

    For more information, visit www.infineon.com

    ELE Times Bureau
    ELE Times Bureauhttps://www.eletimes.com
    ELE Times provides a comprehensive global coverage of Electronics, Technology and the Market. In addition to providing in depth articles, ELE Times attracts the industry’s largest, qualified and highly engaged audiences, who appreciate our timely, relevant content and popular formats. ELE Times helps you build awareness, drive traffic, communicate your offerings to right audience, generate leads and sell your products better.

    Technology Articles

    Popular Posts

    Latest News

    Must Read

    ELE Times Top 10