FRANKFURT - Germany’s Infineon has agreed to buy Silicon Valley-based Cypress Semiconductor for $10 billion, in an expensive move by Europe’s largest chip-maker to expand further in next-generation automobiles and Internet technologies.
That would enable the combined company to offer more complete packages for electric vehicles that are expected to win a growing share of the car market as governments clamp down on emissions from petrol- and diesel-powered vehicles. “From our point of view it was an acceptable price, and if you look at the synergies, it represents an additional gain in value,” Ploss told reporters on a conference call.
“The overall risk-reward profile of the deal is unfavourable,” Citi analysts said in a note, highlighting execution and regulatory risks, and promised long-term synergies that were hard to substantiate. One banker close to the Infineon-Cypress deal said it could trigger more deal activity. “Deals like this can beget copycat transactions,” the banker said.
Infineon played down concerns that the takeover might be blocked by CFIUS, the U.S. panel that reviews whether deals might compromise national security, saying that Cypress’s focus on automotive products meant its products were not sensitive.
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