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Sale of NXP's RF unit will help fund Freescale acquisition
NXP Semiconductors has entered into an agreement to sell its RF Power business to Chinese equity firm Jianguang Asset Management (JAC Capital) for USD 1.8 billion.
The NXP RF Power business, which supplies RF power amplifiers – primarily to the cellular basestation market, looks like it will play a part in NXP's acquisition of Freescale, as proceeds from the sale of the RF Power business will be used to partly fund the acquisition of. “The creation of a new company focused on the RF power amplifier market is a ground breaking transaction for JAC Capital and a great deal for our customers. Although we would have expected a higher valuation in a regular disposal, JAC Capital's ability to support continued growth and development of the business and its ability to sign and close a transaction rapidly was a key factor in enabling the best outcome for our customers and shareholders, as well as supporting the closure of the merger with Freescale Semiconductor,” said Richard Clemmer, NXP Chief Executive Officer. Under the agreement, the entire scope of the NXP RF Power business and approximately 2'000 NXP employees who are primarily engaged globally in the RF Power business, including its entire management team, will be transferred to an independent company incorporated in the Netherlands, which will be 100% acquired by JAC Capital upon closing of the transaction. Additionally, all relevant patents and intellectual property associated with the RF Power business will be transferred in the sale, as well the NXP back-end manufacturing operation in the Philippines that is focused on advanced package, test and assembly of RF Power products. “We are happy to reach an agreement to acquire the RF Power business from NXP with its strong team and established technology. We will keep on increasing investment in R&D, manufacturing and customer service of the new company to strengthen its market position. JAC Capital and its shareholders will also help the new company to maintain fast and stable growth through our network of worldwide financial institutions, industrial leaders and JAC Capital’s management team with many years of experience in the semiconductor and telecom industry,” said Brighten Li, Chairman of JAC Capital Investment Evaluation Committee. NXP and JAC Capital expect the sale to close within the second half of 2015.
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