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Two investment groups join consortium buying Philips' semicon biz

Posted: 23 Aug 2006 ?? ?Print Version ?Bookmark and Share

Keywords:Royal Philips Semiconductor? Bain Capital? Apax Partners? semiconductor unit? digital display?

Two more companies have signed definitive commitments to join an expanded private equity consortium that has agreed to acquire an 80.1 percent stake in the semiconductor division of Royal Philips Electronics. Philips announced early this month that it had signed an agreement to sell the majority stake in the business.

The two private investment groupsBain Capital and Apax Partnersjoin the expanded consortium of Kohlberg Kravis Roberts & Co., Silver Lake Partners and AlpInvest Partners NV. Bain and Apax joining the consortium is a further vote of confidence in the company's prospects and in the management team. The entire consortium shares an extensive track record of investments in technology and semiconductor businesses.

Philips' semiconductor unit is a supplier of silicon system solutions for mobile communications, consumer electronics, digital displays, contactless payment and connectivity, and in-car entertainment and networking. The business employs about 37,000 people worldwide, and had sales in 2005 of $5.9 billion.

The transaction is expected to close in Q4 of 2006, and is subject to closing conditions, including governmental and regulatory approvals.

- Peter Clarke
EE Times Europe




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