Cypress, Spansion to merge in $4bn deal
Cypress and Spansion have signed a definitive agreement to merge in an all stock transaction said to be worth $4billion.
"This merger represents the combination of two smart, profitable, passionately entrepreneurial companies that are number one in their respective memory markets and have successfully diversified into embedded processing," said TJ Rodgers, pictured, Cypress' president and CEO, who will lead the merged organisation. "Our combined company will be a leading provider of embedded MCUs and specialised memories."
Post merger, the company will generate more than $2bn, but it is also expected to find savings of more than $135million a year, which could mean fewer staff.
"Bringing together these high performing organisations creates operating efficiencies and economies of scale, and will deliver maximum value for our shareholders, new opportunities for employees and an improved experience for our customers," said Spansion CEO John Kispert. "The new company is well positioned to deliver best of breed solutions and execute on our long term vision of adding value through embedded system on chip solutions."
Source: www.newelectronics.co.ukPrevious news All news of day Next news
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