NXP is going to buy Freescale for $11.1 billion.
Freescale still has $5.5 billion of debt left over from the $10 billion debt imposed on it by Blackstone in 2006 when the private equity company took it over.
When that is added to the $4 billion of debt left over from the $6 billion debt imposed on NXP by KKR who bought it in 2006, the combined KKR-Freescale entity will have debt of $9.5 billion.
Ironically one of the reasons why Blackstone paid a hefty $17.6 billion for Freescale was that rival PE company KKR, which had just bought NXP, was interested in also buying Freescale with a view to putting the companies together.
Now, nine years later, that aspiration is being fulfilled.
Hobbled by debt, Freescale’s revenues shrank to $4.6 billion last year from the $6.4 billion they were pre-takeover in 2006.
NXP’s revenues last year were $5.6 billion.
Combining the two companies makes them No.1.in microcontrollers, and gives them increased market clout in network processors, analogue/mixed signal, sensors and RF power amplifiers.
It also gives the combined companies the No.1 position in the automotive electronics business.
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via Yuichun
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