NXP Agrees to Buy Automotive Software Maker for $625 Million
A LPC1114F integrated circuit microchip (IC), manufactured by NXP Semiconductors NV.
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Chipmaker NXP Semiconductors NV agreed to buy Austrian automotive software developer TTTech Auto for $625 million in cash to build out its products for software-defined vehicle makers.
NXP will add TTTech’s management team and approximately 1,100 engineering employees to its automotive team after the deal closes, the Dutch company said in a statement on Tuesday. The deal is subject to regulatory approvals.