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Infineon receives final green light for its acquisition of Cypress
Infineon says it has received all necessary regulatory approvals for its acquisition of Cypress Semiconductor. Infineon expects to close the transaction within five business days.
Beginning of June 2019, Infineon and Cypress announced that the companies had signed a definitive agreement under which Infineon would acquire Cypress. The company’s growth strategy will be accelerated by evolving from a components focused company to a provider of system solutions for the automotive, industrial and Internet of Things (IoT) markets.
The transaction will initially be funded through a combination of cash on hand and a committed acquisition financing facility provided by banks. Infineon will use the proceeds from the share placement and the issuance of the hybrid bond in 2019, totalling EUR 2.7 billion.
