According to foreign media reports, European chipmaker STMicroelectronics NV has merged its wireless assets into NXP Semiconductors (an independent semiconductor company founded by Philips) to form a new company controlled by STMicroelectronics. Joint venture.
According to the agreement reached between the two parties, STMicroelectronics will pay NXP Semiconductors $1.55 billion in exchange for 80% of the shares in the new joint venture, and STMicroelectronics has the option to purchase the remaining 20% ​​of the shares in the shortest three years. NXP Semiconductors is controlled by a private equity fund consortium, including US private investment firm KKR (Kohlberg Kravis Roberts and Co.) and Silver Lake Investment.
The above transaction is expected to be completed in the third quarter. The two companies plan to take advantage of their respective strengths to win a bigger say in the highly competitive wireless chip market, which is currently dominated by Texas Instruments. The two companies said that the combined revenue of the transaction in 2007 was $3 billion, and the joint venture currently has 9,000 employees worldwide.
"This transaction will further enhance our wireless business unit and help expand our leading position in key markets within our stated goals." STMicroelectronics CEO Carlo Bozotti announced on Thursday Said in the middle.
The transaction is expected to save $250 million in costs for both parent companies by 2011. STMicroelectronics also expects the deal to contribute to its 2009 fiscal year profit growth.
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