NXP and Freescale complete merger
NXP Semiconductorsand Freescale Semiconductorhave completed the merger, previously announced in March 2015.The merger has created a high performance mixed signal semiconductor industry player, with combined revenue of over USD 10 billion.
The merged entity will continue operations as NXP Semiconductors N.V.“Through this merger we have created an industry powerhouse focused on the high growth opportunities in the Smarter World, capitalizing on the emerging opportunities offered by the accelerating demand for connectivity, processing and security. Today’s formation of the new NXP is a transformative step on our journey to become the industry leader in high performance mixed signal solutions,” said Rick Clemmer, NXP Chief Executive Officer. “This merger enables us to deliver more complete solutions to our customers as we are emerging as the leader in the Secure Connections – and the supporting infrastructure – for the Smarter World domain. As a result, we reiterate today that we fully expect to continue to significantly out-grow the overall market, drive world-class profitability and generate even more cash, allowing us to continue creating significant value for NXP’s shareholders.”NXP also today announced the closing of the divestiture of its RF Power business to Jianguang Asset Management Co. Ltd, after receiving official confirmation that JAC Capital has deposited the required funds at its bank in China to pay the purchase price. The cash proceeds for the sale will be received later this month following the required regulatory filings for cross-border transfers of funds from China. NXP has obtained bridge financing until the funds are received.