Infineon Technologies AGOTCQX
Tue, Nov. 22, 10:17 AM
- Previously (November 2) – Microsemi +10%; Skyworks approach, initiation of sale process reported
- Analyst William Stein suggests an EV/EBITDA calculation registers $90 per share and EV/Sales comes in at $74.
- Skyworks interest had been indicated among initial reports, though also considers Infineon Technologies (OTCQX:IFNNF), Marvell Technology Group (MRVL +0.8%) and STMicroelectronics (STM +2.9%) possible acquirers.
- Rates Microsemi (MSCC +2.4%) at Buy with a $58 price target (current price $56.03).
- Previously (October 24) – Microsemi's takeover-appeal observed at RBC Capital Markets
Thu, Jul. 14, 7:31 AM
- Cree (NASDAQ:CREE) +6.4% premarket after Germany chipmaker Infineon Technologies (OTCQX:IFNNF, OTCQX:IFNNY) agrees to acquire its Wolfspeed Power and RF division for $850M.
- Cree says the deal speeds its transition to a more focused LED lighting company and will use the proceeds, combined with improved free cash flow, to fund acquisitions and support additional stock buybacks.
- Cree also provides an FQ4 update, saying preliminary revenue came in at the upper end of its target range at ~$388M.
- Infineon says Wolfspeed will complement last year's acquisition of International Rectifier, a maker of low-power, energy efficient chips.
Oct. 14, 2015, 1:06 PM
- Bloomberg reports Fairchild (FCS +14.6%) has held buyout talks with fellow analog/mixed-signal chipmakers ON Semi (ON +7.5%) and Infineon (OTCQX:IFNNF). Goldman is advising.
- The report is the latest sign chip industry consolidation remains in full swing in spite of the Nasdaq/SOX's recent selloff. Yesterday, Bloomberg reported SanDisk is talking with Micron and Western Digital about a potential sale.
Aug. 20, 2014, 12:18 PM
- Infineon (OTCPK:IFNNF) is paying $40/share, or $3B, in cash to acquire International Rectifier (NYSE:IRF). The price represents a 51% premium to Tuesday's close, and is well above the ~$2B reported by Bloomberg.
- Infineon is paying ~$2.4B net of cash for the analog chipmaker. The deal will be financed with a mixture of existing cash and credit facilities, and is expected to close in late 2014 or early 2015.
- The companies declare IRF's gallium nitride (GaN) power management discrete components and ICs complement Infineon's own GaN offerings, and (echoing arguments made for recent chip deals) that the combined company will benefit from greater R&D scale and manufacturing/operational synergies.
- IRF is now up 47.4% to $39.16. The company has posted its FQ4 report in tandem with the Infineon announcement.
Aug. 20, 2014, 10:15 AM
- Bloomberg reports Infineon (OTCPK:IFNNF) "nearing an agreement to acquire a U.S.- based semiconductor company for about $2 billion," and that a deal could be announced as soon as today.
- No word on whom Infineon is looking to buy. Bloomberg notes it reported last month analog/mixed-signal chipmakers Fairchild (FCS +5.6%), Power Integrations (POWI +11.3%), and Semtech (SMTC +8%) are considered M&A targets, as the chip industry continues to consolidate.
- Shares of all three companies are up sharply, as are those of peers International Rectifier (IRF +5.8%) and Intersil (ISIL +4.4%). FCS and IRF are currently worth $2B; POWI is worth $1.9B; ISIL is worth $1.8B; and SMTC is worth $1.7B.
- "[Infineon] would like to build a stronger presence in power management," says Liberum Capital's Janardan Menon. He adds the market has "high barriers to entry and strong growth prospects," a fact that also hasn't been lost on Texas Instruments and other industry players.