Report
Stephane Houri

Infineon Technologies AG : Le rachat de Cypress par Infineon fait du sens stratégiquement, mais le marché ne fera manifestement pas crédit immédiatement

>Rachat de Cypress pour une valeur d’entreprise de 9 Md€, une opération potentiellement très relutive, mais qui fait monter le niveau de dette - Hier, Infineon et Cypress Semiconductors ont annoncé la signature d'un accord définitif en vertu duquel Infineon va acquérir Cypress pour 23,85 $ par action en numéraire, une prime de 46% sur les 30 derniers jours, soit une valeur d'entreprise de 9,0 Md€. L'opération valorise Cypress à 4.5x la VE/CA 2019e et 18x l’EBITDA 2019...
Underlying
INFINEON TECHNOLOGIES AG

Infineon Technologies is a semiconductor manufacturing company. The Automotive segment designs, develops, manufactures and markets semiconductors for use in automotive applications. The Industrial Power Control segment designs, develops, manufactures and markets semiconductors for the generation, transmission and economy in the use of electrical energy. The Power Management & Multimarket segment designs, develops, manufactures and markets semiconductors for power supplies, mobile devices and mobile phone network infrastructures. The Chip Card & Security segment designs, develops, manufactures and markets semiconductor-based security products for card applications and networked systems.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Stephane Houri

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