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EU Commission clears Infineon's acquisition of Cypress
The European Commission has, under the EU Merger Regulation, approved the acquisition of US-based Cypress Semiconductor by German semiconductor company Infineon Technologies.
As the Commission sees it; Cypress is active in the manufacture and supply of embedded systems solutions for automotive, industrial, consumer and enterprise end markets, and Infineon is active in the design, manufacture and distribution of a wide range of semiconductors and power semiconductors. Therefor the Commission concluded that the proposed acquisition would raise no competition concerns, given the limited horizontal overlap between the activities of the companies and the existence of several credible alternative suppliers.
It was back in June that the companies signed an agreement under which Infineon will acquire Cypress for USD 23.85 per share in cash, corresponding to an enterprise value of EUR 9.0 billion.
