Infineon Boosts Auto, IoT Portfolios with Cypress Deal
Infineon Technologies’ acquisition of Silicon Valley mainstay Cypress Semiconductor Corp. underscores what increasingly looks like the end of an era for high-flying U.S. chip makers that have seen their fortunes dim as semiconductor manufacturing shifts to Asia and the pace of industry consolidation quickens.
The $10.1 billion cash deal announced over the weekend would make Munich-based Infineon the leading maker of automotive chips. Infineon said it would pay $23.85 per share to acquire Cypress Semiconductor (NASDAQ: CY). About one-third of the acquisition will be financed.