By Cristina Roca 
 

STMicroelectronics NV said Thursday that it has agreed to buy a majority stake in France's Exagan for an undisclosed amount.

The Geneva-based semiconductor company said the deal will be funded with available cash, and the agreement also provides for the acquisition of the remaining minority stake in Exagan 24 months after the closing of the initial deal.

Exagan is a company specialized in power devices which use gallium nitride, a semiconductor technology.

 

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

 

(END) Dow Jones Newswires

March 05, 2020 04:25 ET (09:25 GMT)

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