Infineon Announces Final Regulatory Approval for Acquisition of Cypress Semiconductor Corporation
| |
 |
|
|
|
|
|
|
|
| 
|
Date: 07-04-2020 4:38PM
Source: Infineon Technologies India Pvt. Ltd.
Category: General, Internet, Information Technology, Consumer Electronics, Electronic Appliances And Components, Manufacturing Companies, Technology, It & Tech
Location: Neubiberg, Bavaria, Germany
Business Wire IndiaInfineon Technologies AG (FSE: IFX / OTCQX: IFNNY) today 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.
About Infineon
Infineon Technologies AG is a world leader in semiconductor solutions that make life easier, safer and greener. Microelectronics from Infineon is the key to a better future. In the 2019 fiscal year (ending 30 September), the Company reported sales of €8.0 billion with about 41,400 employees worldwide. Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the over-the-counter market OTCQX International Premier (ticker symbol: IFNNY).
Further information is available at www.infineon.com
This press release is available online at www.infineon.com/press
Follow us: Twitter - Facebook - LinkedIn
|
More Press Releases C3.ai Digital Transformation Institute Announces AI for Energy and Climate Security Grantees Moody’s Launches Moody’s Moments Video Series Providing Insight into Corporate Strategy IDEMIA Signs With Storstockholms Lokaltrafik “SL” to Launch the World’s First Ever Public Transport EMV White Label Cards Celebrity Face: India's No.1 Platform for Aspiring Content Creators and Fans to Photoshoot with Top Celebrities Tally Solutions Announces the First Edition of MSME Honours Sourced from the Himalayan Regions, Moving to the Wonders of Australia - BOHECO Joins Hands with Spring Sciences Australia Moneycontrol App's Monthly Active Users Six Times Larger Than Its Closest Competitor for May 2021 - Similarweb Healthcare Cloud Unicorn, Innovaccer, Certified as a Great Place to Work® Company The Nation Gears up for the First-ever Edition of National Poker Series, India DXC Technology Welcomes Brenda Tsai as Chief Marketing and Communications Officer Schlumberger New Energy and Panasonic Energy of North America Announce Strategic Collaboration on New Battery-Grade Lithium Production Process Fashion Designer Sanjukta Dutta Contributes Towards the Vaccination Drive Held in Assam Under the Guidance of Honorable Chief Minister Dr. Hemanta Biswa Sarma Western Union Accelerates Digital Money Movement for Postal Networks Worldwide NMIMS School of Branding and Advertising Partners with 120 Media Collective and Advertising Standards Council of India High-Touch Spectacles Now Made Virus Free by ZEISS DuraVision AntiVirus Platinum UV IRM India Affiliate Announces Results for May 2021 Level-1 Examination Wipro Annual Report 2021 on Form 20-F Available Online for ADS Holders RSA Introduces Outseer, a Spinout of its Fraud & Risk Intelligence Unit, to Transform Customer Authentication and Accelerate Revenue for the Digital Economy Abu Dhabi Based Tablez to Expand Upon Investment in India’s Toys Sector With Its Proprietary Brand
| 
