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Texas Instruments snaps up National Semiconductor for $6.5 billion

Published: 16:35 04 Apr 2011 EDT

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Semiconductor giant Texas Instruments (NYSE:TSX) confirmed after market hours that it would acquire its smaller rival National Semiconductor (NYSE:NSM) for US$6.5 billion in cash.

“The acquisition combines two industry leaders in analog semiconductors, each with unique strengths in delivering products to improve performance and efficiency and convert real-world signals in electronic systems,” Texas Instruments stated.

The two companies will have a combined portfolio of 42,000 analog products, and once merged, around half of the group’s total revenues will emanate from Texas Instrument’s analog division.

Texas Instruments is offering US$25 per share for National Semiconductor, which will lift its market share in the global $42 billion analog semiconductor market from 14% to 17%.

National reported sales of $1.42 billion for fiscal 2010

"National has an excellent development team, and its products combined with our own can offer customers an analog portfolio of unmatched depth and breadth,” said Rich Templeton of Texas Instruments.

“In recent years, National's management team has done an outstanding job of improving margins and streamlining expenses, which upon close will increase TI's profitability and earnings per share, excluding transaction costs.”

 

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