By Mauro Orru 
 

Infineon Technologies AG said Tuesday that it has received all regulatory approvals for the acquisition of Cypress Semiconductor Corp.

The German chip maker said it expects the transaction to close in five business days, and that it would be initially funded through cash as well as an acquisition financing facility syndicated among 20 banks.

Infineon said it expects to use 2.7 billion euros ($2.91 billion) from a share placement and the issuance of a hybrid bond in 2019.

Infineon signed a definitive agreement to acquire Cypress in June 2019.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

April 07, 2020 05:10 ET (09:10 GMT)

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