September 15, 2006
Freescale accepts $17.6 billion equity buyout
Consortium of four private equity firms plans to buy Motorola spinoff
Recommend ThisFreescale Semiconductor Inc. has agreed to be acquired by a group of investment firms for US$17.6 billion.
A consortium of four private equity firms plans to buy the big Austin, Texas, chipmaker for $40 per share in cash. The deal is subject to regulatory approvals and a vote by Freescale shareholders. Freescale's board of directors has unanimously approved the sale, the company announced Friday. The offer price represents an approximately 36 percent premium over the company's average closing share price in the 30 days ended Sept. 8.
Freescale, a spinoff of Motorola Inc., went public on its own in 2004 and had sales of $5.8 billion in 2005. It designs and manufactures embedded networking, wireless, automotive, industrial and consumer product chips.
Under the deal, Freescale is allowed to solicit other proposals for the next 50 calendar days and can respond to unsolicited offers, subject to a deal breakup fee.
The consortium is led by The Blackstone Group, in New York, and includes The Carlyle Group, Permira Funds and Texas Pacific Group.
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