Infineon says it has received all necessary regulatory approvals for its acquisition of Cypress Semiconductor. Infineon expects to close the transaction within five business days.
evertiq.com, Apr. 07, 2020 –
Beginning of June 2019, Infineon and Cypress announced that the companies had signed a definitive agreement under which Infineon would acquire Cypress. The company's growth strategy will be accelerated by evolving from a components focused company to a provider of system solutions for the automotive, industrial and Internet of Things (IoT) markets.
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, totalling EUR 2.7 billion.