On September 21st, DialogSemiconductor of Germany announced that it will acquire $4.6 billion in cash and stocks to acquire US chip rival Atmel to expand its industrial product portfolio. At this point, Dialog will gain more market opportunities in new energy, mobile device power management, Internet of Things and other fields, greatly enhancing its market position in global power management chips and embedded solutions. According to the proposal, the purchase price per share is 4.65 US dollars and 0.112 shares of Dialog US Custody shares, which is 43% higher than Atmel's closing price on Friday. The transaction is expected to be completed in the first quarter of next year.
Dialog spends $4.6 billion on buying American counterparts Atmel
It is understood that Dialog's chips are mainly in the high-end smartphone market, and Atmel has been well-known in the professional microcontroller chip industry for many years. For the acquisition, Dialog CEO Jalal Bagherli believes that the acquisition of Atmel means acquiring its customer base and production line at the same time, which will not only help Dialog to open up new market areas, but also help to reduce the company's excessive dependence on some mobile phone manufacturers. In other words, with Atmel's diverse customer base, Dialog will integrate its existing sales channels and work together to further enhance its operating model and discover new revenue growth points.
DialogCEO Jalal Bagherli said: "By integrating our technology, global talent, and a comprehensive distribution network, we will create a new and powerful force in the semiconductor market."
Last year, Infineon acquired the US International Rectifier for $3 billion. In March of this year, NXP Semiconductors announced the acquisition of Freescale, which has a combined company size of more than $40 billion.
Dialog said on Sunday that the common stock held by Atmel shareholders will be converted into $4.65 in cash and 0.112 shares of Dialog's American depositary shares. Based on the closing price of Dialog on September 18, this is equivalent to $10.42 per share of Atmel common stock. This price has a 43% premium to Atmel's closing price of $7.27 on Friday.
Dialog said the company plans to complete the deal through cash, $2.1 billion in debt, and approximately 49 million shares of Dialog American Depositary Shares. Upon completion of the transaction, Atmel shareholders will hold approximately 38% of the combined company.
It is reported that after the completion of the acquisition, the new company's annual revenue is expected to reach 2.7 billion US dollars, and the annual cost is expected to save 150 million US dollars in 2 years.
At present, the board of directors of both companies unanimously passed the acquisition. The next two companies only need to approve the transaction after the agreement is passed at the shareholders meeting, and the regulatory authorities and the judiciary can approve the transaction, which is expected to be completed in the first quarter of 2016. The acquisition.
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