Infineon to acquire Cypress for US$23.85 per share in cash

strengthening and accelerating its path of profitable growth

  • Infineon CEO Ploss: “Landmark step in Infineon’s strategic development. We will be able to offer our customers the most comprehensive portfolio for linking the real with the digital world.”
  • Combination of highly complementary technology portfolios opens up great potential in high-growth target markets automotive, industrial and Internet of Things (IoT)
  • Infineon to pay US$23.85 per Cypress share, equivalent to a total enterprise value of €9.0 billion
  • Transaction expected to yield €180 million in cost synergies per annum by 2022 and more than €1.5 billion annual revenue synergies in the long-term
  • Transaction expected to be accretive to earnings beginning in the first full year after closing and to close by end of calendar year 2019 or early 2020
  • Future target operating model after integration: 9+ percent revenue growth, 19 percent segment result margin and 13 percent investment-to-sales ratio

Munich, Germany, and San Jose, California – 3 and 2 June 2019 – Infineon Technologies AG and Cypress Semiconductor Corporation announced today that companies have signed a definitive agreement, under which Infineon will acquire Cyrus for US $ 23.85 per share in accordance with the enterprise value of € 9.0 billion.

Infineon CEO Reinhard Plos said: “Planned acquisition of cypress is an important step in Infineon’s strategic development. We will strengthen our profitable growth and accelerate and build our business on a broader basis. With this transaction, we will be able to provide our customers the most comprehensive portfolio to connect with the real world with the real world. It will open additional development capabilities in the automotive, industrial and Internet of Things sectors. This transaction makes our business model even more flexible. We look forward to welcoming our new colleagues from Siru to Infinen. Together, we will continue our shared commitments for innovation and focused R & D investments to accelerate technology advancement. “

Hassan al-Khouray, president and chief executive officer of Cypress, said, “The next technology is excited to join forces with TeamInfinen to redeem multi-billion dollar opportunities with a surge in connectivity and computing needs. This announcement is not only a testament to the strength of our team in providing industry-leading solutions around the world, but also What can be done by uniting our two great companies jointly, we will enable more secure, uninterrupted connections to strengthen our customers’ products and technologies in their last markets, and more complete hardware and software In addition, the strong fit of our two companies bring better opportunities for our customers and employees. Sector. “

Cypriot Board of Directors Steve Albrecht said: “For the past three years, our Cypress 3.0 strategy has given tremendous results and has reconstituted the entire organization to focus on this matter. After receiving interest from several companies, we entered a transaction which is a testament to our team’s strategy and hard work. For Cypress shareholders, a combination of dividends released through the conclusion of the cash value of US $ 23.85 represents significant value building. This transaction will create product opportunities which are increasingly important in competitive automotive, industrial and consumer markets. As members of the board, we are grateful for Siphon’s excellent management team, led by Hassan al-Khurai. “

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