6/3/2019, 8:02 AM (Source: TeleTrader)
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Infineon to buy Cypress Semiconductor for €9B

German semiconductor manufacturer Infineon Technologies AG announced on Monday it signed a definitive agreement to buy Cypress Semiconductor Corporation for €9 billion, which corresponds to $23.85 per share. The deal is expected to result in a €180 million yield in cost synergies per year in the next three years and over €1.5 billion long-term annual revenue synergies, Infineon said on its website. The deal is set to be finalized by late 2019 or early next year.

"The planned acquisition of Cypress is a landmark step in Infineon's strategic development. We will strengthen and accelerate our profitable growth and put our business on a broader basis. With this transaction, we will be able to offer our customers the most comprehensive portfolio for linking the real with the digital world. This will open up additional growth potential in the automotive, industrial and Internet of Things sectors," Infineon CEO Reinhard Ploss commented.

Baha Breaking News (BBN) / SS