Germany’s Infineon to buy Cypress in 9-bn-euro deal

Published : 03 Jun 2019 07:12 PM | Updated : 06 Sep 2020 05:06 AM

German chipmaker Infineon sealed a definitive agreement to make an offer for US competitor Cypress that values the firm at around nine billion euros ($10.1 billion), the two companies said in a statement Monday, reports BSS/AFP.

Infineon, which has been grappling with a bout of consolidation in the semiconductor sector, said it agreed to pay $23.85 per share in cash for Cypress.

‘With this transaction, we will be able to offer our customers the most comprehensive portfolio for linking the real with the digital world,’ Infineon chief executive Reinhard Ploss said in a statement.

‘This will open up additional growth potential in the automotive, industrial and Internet of Things sectors,’ he added.