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Bain Capital, Apax join consortium buying Philips Semiconductor

Posted: 23 Aug 2006     Print Version  Bookmark and Share

Keywords:Royal Philips Semiconductor  Bain Capital  Apax Partners  semiconductor unit  digital display 

Two more companies have signed definitive commitments to join an expanded private equity consortium that has agreed to acquire an 80.1 per cent stake in the semiconductor division of Royal Philips Electronics. Philips announced early this month that it had signed an agreement to sell the majority stake in the business.

The two private investment groups—Bain Capital and Apax Partners—join the expanded consortium of Kohlberg Kravis Roberts & Co., Silver Lake Partners and AlpInvest Partners NV. Bain and Apax joining the consortium is a further vote of confidence in the company's prospects and in the management team. The entire consortium shares an extensive track record of investments in technology and semiconductor businesses.

Philips' semiconductor unit is a supplier of silicon system solutions for mobile communications, consumer electronics, digital displays, contactless payment and connectivity, and in-car entertainment and networking. The business employs about 37,000 people worldwide, and had sales in 2005 of Rs.27,399.60 crore ($5.9 billion). The transaction is expected to close in Q4 of 2006, and is subject to closing conditions, including governmental and regulatory approvals.

- Peter Clarke
EE Times Europe

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