Transatlantic $10 bln chip deal does not compute LiamWardProud
Infineon Technologies said on June 3 it had agreed to buy U.S. microchip peer Cypress Semiconductor for 9 billion euros including debt.
The German buyer said its cash offer of $23.85 per share was 46% above Cypress' volume-weighted average price between April 15 and May 28, the last trading day before reports of a potential sale. Infineon intends to finance about 30% of the total transaction value with equity and the remainder with debt and existing cash. Infineon expects to keep its investment grade credit rating after the deal, Chief Financial Officer Sven Schneider said.
The deal will lead to cost savings of 180 million euros per year by 2022 and revenue synergies of more than 1.5 billion euros in the long term, Infineon said.
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