Cypress and Spansion complete $5 billion merger

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Cypress Semiconductor Corp., San Jose, Calif., and Spansion Inc., Sunnyvale, Calif., have closed the merger of the two companies in an all-stock, tax-free transaction valued at approximately $5 billion. The newly combined company delivers microcontrollers and specialized memories for embedded systems.

Cypress has a broad, differentiated product portfolio, which includes NOR flash memories, F-RAM and SRAM, Traveo microcontrollers, the industry’s only PSoC programmable system-on-chip solutions, analog and PMIC Power Management ICs, CapSense capacitive touch-sensing controllers, and Wireless BLE Bluetooth Low-Energy and USB connectivity solutions.

Spansion’s flash memory, microcontrollers, mixed-signal, and analog products drive the development of faster, more intelligent and energy efficient electronics. Spansion is at the heart of electronics systems, connecting, controlling, storing and powering everything from automotive electronics and industrial systems, to highly interactive and immersive consumer devices.

The merger is expected to achieve more than $135 million in cost synergies on an annualized basis within three years, and to be accretive to non-GAAP earnings within the first full year after the transaction closes. The combined company will continue to pay $0.11 per share in quarterly dividends to shareholders.

For more information, go to www.cypress.com.