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IFX - Infineon Technologies AG News Story

€29.99 -0.5  -1.6%

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Large Cap
Market Cap £34.05bn
Enterprise Value £37.25bn
Revenue £8.58bn
Position in Universe 36th / 1053

Infineon expects to keep investment grade rating after Cypress deal

Mon 3rd June, 2019 7:42am
FRANKFURT, June 3 (Reuters) - Infineon Technologies
 IFXGn.DE  expects to keep its investment grade credit rating
after its 9 billion euro ($10 billion) agreed acquisition of
U.S. Cypress Semiconductor  CY.O , Chief Financial Officer Sven
Schneider said on Monday. 
    Infineon's leverage ratio, measured as debt to earnings
before interest, taxation, depreciation and amortisation
(EBITDA) will, however, exceed a target of two times before
returning to that level in late 2022, Schneider told analysts.
    Asked about how the deal came about, Chief Marketing Officer
Helmut Gassel said discussions had been triggered by interest
expressed in Cypress by another party. Infineon was invited to
take part in the process around five weeks ago, he said.
    ($1 = 0.8958 euros)

 (Reporting by Douglas Busvine
Editing by Thomas Seythal)
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