Deals
Infineon, Cypress Shares Jump After Deal Wins CFIUS Clearance
- China still needs to approve $8.7 billion semiconductor deal
- Cypress shares surge more than 40% in extended trading
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Infineon Technologies AG’s $8.7 billion acquisition of Cypress Semiconductor Corp. was approved by the Committee on Foreign Investment in the United States, a small step forward for deals in an industry where regulatory and security concerns have stalled consolidation. Shares of both companies surged.
“CFIUS has completed its review of Cypress’s previously announced merger transaction with Infineon Technologies AG and determined that there are no unresolved national security concerns,” Cypress said in a statement Monday. Infineon, based in Munich, also confirmed the approval.
The combination still needs sign-off from China’s State Administration for Market Regulation, the companies said.