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STMicroelectronics acquires the rest of Swedish Norstel
The French-Italian semiconductor manufacturer says that it has decided to acquire the remaining share capital of the Swedish SiC wafer manufacturer.
Back in February this year STMicroelectronics signed an agreement to acquire a majority stake – 55% – of Swedish silicon carbide (SiC) wafer manufacturer Norstel AB.
The agreement included an option to acquire the remaining 45% subject to certain conditions, which, if exercised, would result in total consideration of USD 137.5 million,
During a conference call in connection with the company’s Q319 earnings report, Jean-Marc Chery, president & CEO of STMicroelectronics, said that the company is now looking to take on the rest of the share capital.
“We have successfully completed our key milestone evaluation of Silicon Carbide wafer manufacturer Norstel. Therefore, we have decided to exercise our option to purchase the remaining 45% stake. We expect to close this acquisition during Q4. It is part of our plan to install internal substrate production capacity to support the programs of our Automotive and Industrial customers from 2021,” Jean-Marc Chery said.
