NXP clears last meger hurdle and names Freescale exec as new CFO

NXP Semiconductors has received final regulatory approval from the Ministry of Commerce of China to complete its merger with Freescale Semiconductor. The company has now received all necessary regulatory approvals for the merger with Freescale, and the sale of its RF Power business to Jianguang Asset Management Co. Ltd, which was a condition for the Freescale merger. The Company expects to close the merger transaction and the divestment of its RF Power business on December 7, 2015. “We are very excited to unveil today that the close of the merger with Freescale is upon us,” said Rick Clemmer, NXP Chief Executive Officer. “The combination of NXP and Freescale creates an industry powerhouse focused on the high growth opportunities in the Smarter World, and is a transformative step on our journey to become the industry leader in high performance mixed signal solutions.” Also, effective December 7, 2015 Dan Durn will become executive vice president and Chief Financial Officer of NXP. Before joining NXP, Mr. Durn was senior vice president and CFO of Freescale Semiconductor. Peter Kelly, NXP’s current CFO, has expressed a desire to retire in 2017 and the appointment of Mr. Durn is part of the succession plan for the company. Mr. Kelly will continue to report to Rick Clemmer, NXP’s CEO and will continue to be a member of the NXP Management Team. In his new role Mr. Kelly will focus on Strategy and M&A, as well as ensuring a successful integration with Freescale.