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Infineon to Buy Cree’s Wolfspeed to Expand in Cars, Phones

  • Deal expands Infineon’s reach into Internet of Things
  • Infineon seeks growth via demand for chips, sensors, radars
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Infineon Technologies AG, Europe’s biggest chipmaker by revenue, agreed to buy Cree Inc.’s Wolfspeed Power unit for $850 million to expand in fast-growing markets such as electric cars, renewable energy and the Internet of Things.

The company is paying cash for Wolfspeed, which makes compound semiconductors and power-management chips, according to a statement on Thursday. The deal adds to Infineon’s product portfolio, which includes chips for sensors, radars and security.