NXP to Sell Unit to Chinese Buyers for $2.75 Billion
13 Junho 2016 - 10:30PM
Dow Jones News
In a banner year for deal activity by Chinese buyers, NXP
Semiconductors NV has struck another asset-sale pact with Jianguang
Asset Management Co.
The chip company has agreed to sell its Standard Products unit
to state-owned investment firm Jianguang and private-equity firm
Wise Road Capital for about $2.75 billion.
Just over six months ago, NXP sold its RF Power unit to
Jianguang for $1.8 billion, a deal that helped clear the way for
NXP's purchase of Freescale Semiconductor Ltd.
The Standard Products business had 2015 revenue of $1.24
billion. NXP's total revenue in 2015 was $6.1 billion, a figure
that included about one month of Freescale results. The Standard
Products operations include discrete, logic and PowerMOS chips.
NXP will focus on its High-Performance Mixed Signal business,
which the company previously described as encompassing "highly
differentiated application-specific" products, while Standard
Products devices can be used in many kinds of electronic equipment
and are typically sold to a wide range of customers.
The Standard Products business, including about 11,000 employees
and current management led by Frans Scheper, will become a new
company called Nexperia, based in Nijmegen, the Netherlands.
The sale is expected to close in the first quarter of 2017.
NXP, once part of Dutch electronics giant Philips NV, was
acquired by a private-equity consortium in 2006 and went public in
2010.
The Freescale deal, worth about $11.8 billion when announced in
early 2015, was part of a wave of chip-sector consolidation as the
industry contends with slower growth. Avago Technologies Ltd.
completed a roughly $37 billion deal for Broadcom Corp. in
February, retaining the Broadcom name.
NXP shares rose 1.6% to $88.83 in after-hours trading.
As of May 23, the global value of deals announced by Chinese
buyers of non-Chinese companies totaled a record $119 billion, more
than the $107 billion for all of 2015, according to Dealogic.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
June 13, 2016 21:15 ET (01:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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