28 October 2014

HSR waiting period expires for Infineon's acquisition of International Rectifier

International Rectifier Corp (IR) of El Segundo, CA, USA has announced the expiry on 24 October of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) with respect to its acquisition (announced on 19 August) by Infineon Technologies AG of Munich, Germany.

Expiration of the HSR Act waiting period satisfies one of the conditions required to finalize the acquisition. The transaction remains subject to other closing conditions, including the receipt of additional regulatory clearances as well as approval of the transaction by International Rectifier stockholders, among others, as set forth in the company’s proxy statement filed with the US Securities and Exchange Commission (SEC) on 7 October.

Infineon’s and International Rectifier’s product portfolios are reckoned to be highly complementary. IR’s expertise in low-power, energy-efficient IGBTs and intelligent power modules, power MOSFETs and digital power management ICs will integrate with Infineon’s range of power devices and modules.

With IR, Infineon acquires a manufacturer of gallium nitride on silicon (GaN-on-Si)-based power semiconductors. It is reckoned that the combination will accelerate Infineon’s position in GaN discretes and GaN system solutions, improving its ability to pursue a strategically important technology platform with significant future growth potential.

The transaction will result in a broad range of products creating what is described as a comprehensive provider of silicon-, silicon carbide (SiC) and gallium nitride (GaN)-based power devices and integrated circuits. Infineon believes that the increase in exposure to the distribution channel will allow it to meet the needs of a broader range of customers.

The transaction is expected to close in late 2014 or early 2015.

See related items:

Infineon completes syndication of EUR 1.55bn loan facilities for acquisition of International Rectifier

Infineon to acquire International Rectifier for $3bn

Tags: Infineon International Rectifier GaN-on-silicon

Visit: www.irf.com

Visit: www.infineon.com