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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Cypress Semiconductor Corporation    CY

CYPRESS SEMICONDUCTOR CORPORATION

(CY)
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Infineon raises £1.4 billion to help fund Cypress deal

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06/18/2019 | 02:40am EDT
Shareholders arrive for the annual meeting of German semiconductor manufacturer Infineon in Munich

FRANKFURT (Reuters) - Infineon Technologies raised 1.545 billion euros (£1.4 billion) in an accelerated capital increase to help fund the cost of its planned acquisition of Cypress Semiconductor, it said late on Monday.

Shares were placed at 13.70 euros apiece, above an initial guidance by the bookrunner but 4.6% lower than the 14.36 euros Infineon shares closed at on Monday - a relatively small discount for a transaction of this size.

The German chipmaker said in a statement that the offering of new shares, by way of a private placement to institutional investors, would increase its share capital by 10%. The 113 million new shares were placed in less than two hours.

Infineon said on June 3 it had agreed to buy Silicon Valley-based Cypress for $10 billion, paying a 46% premium to expand into next-generation autos and Internet technologies.

"Infineon said it will equity finance about 30% of the ... deal. So another at least 1.15 billion euro measure is still open," a Frankfurt-based trader said. "We think investors would have preferred that Infineon secures financing in one stop, now hangover will weigh on shares."

Shares in Infineon were indicated to open 4.9% lower in pre-market trade, compared with a flat DAX.

(Reporting by Douglas Busvine, Alexander Huebner and Christoph Steitz; Editing by Jane Merriman and Michelle Martin)

Stocks mentioned in the article
ChangeLast1st jan.
CYPRESS SEMICONDUCTOR CORPORATION 0.09% 22.97 Delayed Quote.80.50%
DAX -0.55% 11651.18 Delayed Quote.10.95%
INFINEON TECHNOLOGIES AG -0.74% 15.64 Delayed Quote.-9.27%
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Financials (USD)
Sales 2019 2 207 M
EBIT 2019 471 M
Net income 2019 55,0 M
Debt 2019 591 M
Yield 2019 1,92%
P/E ratio 2019 153x
P/E ratio 2020 61,6x
EV / Sales2019 4,11x
EV / Sales2020 3,79x
Capitalization 8 476 M
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Mean consensus HOLD
Number of Analysts 13
Average target price 23,47  $
Last Close Price 22,95  $
Spread / Highest target 4,58%
Spread / Average Target 2,28%
Spread / Lowest Target -8,50%
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Managers
NameTitle
Hassane El-Khoury President, Chief Executive Officer & Director
W. Steve Albrecht Chairman
Dana C. Nazarian Executive Vice President-Operations & Technology
Sam Thad Trent Chief Financial Officer & EVP-Administration
J. Augusto de Oliveira Chief Technical Officer & Executive Vice President
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