Infineon raises $1.7bn to help fund Cypress deal

18th June, 2019 09:28:58 printer

FRANKFURT: Infineon Technologies raised 1.545 billion euros (US$1.74 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 4.6per cent lower than the 14.36 euros Infineon shares closed at on Monday - a relatively small discount for a transaction of this size, report agencies.

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 10per cent.