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IFX - Infineon Technologies AG News Story

€32.02 0.7  2.1%

Last Trade - 11:06am

Large Cap
Market Cap £35.46bn
Enterprise Value £38.70bn
Revenue £8.68bn
Position in Universe 37th / 1051

Infineon to buy Cypress Semiconductors in 9 billion euros deal

Mon 3rd June, 2019 6:28am
FRANKFURT, June 3 (Reuters) - Infineon  IFXGn.DE  has agreed
to buy Cypress Semiconductors  CY.O  in a deal valuing the U.S.
chipmaker at 9 billion euros  ($10.06 billion), including debt,
the German company said on Monday. 
    The cash offer of $23.85 per share represents a 46% premium
to Cypress' share price over the last month, Infineon said.
    Infineon is targeting cost synergies of 180 million euros
per year by 2022 and revenue synergies of more than 1.5 billion
euros in the long term.
    The Germany chipmaker added that it intends to finance about
30% of total transaction value with equity and remainder with
debt as well as cash on hand.
($1 = 0.8947 euros)

 (Reporting by Arno Schuetze, editing by Riham Alkousaa)
 ((; +49.69.7565.1197; Reuters
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