TELETRADER News
6/3, 12:01 PM (Source: TeleTrader)
more TeleTrader news

Cypress Semiconductor shares soar 23% after Infineon sale

Shares of Cypress Semiconductor Corporation skyrocketed almost 24% in premarket trading on Monday following the announcement of its sale to German semiconductor manufacturer Infineon Technologies AG.

The company's stock was up 23.74% at 6:01 am ET. Media earlier reported that the two companies had signed an agreement under which Infineon will purchase Cypress for €9 billion, which corresponds to $23.85 per share. The deal, which is expected to result in a €180 million yield in annual cost synergies over the next three years and more than €1.5 billion in long-term annual revenue synergies, is expected to be finalized by the end of this year or the beginning of next year.

Breaking the News / DZ