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Consortium finalises Freescale acquisition

Posted: 05 Dec 2006     Print Version  Bookmark and Share


A consortium of private equity funds, including The Blackstone Group and The Carlyle Group, has completed the acquisition of Freescale Semiconductor.

According to the merger agreement entered into on Sept. 15, and adopted by Freescale's stockholders at a special meeting on Nov. 13, Freescale stockholders are entitled to receive Rs.1,820.80 ($40) in cash for each share of Freescale common stock that they hold. Freescale stocks were delisted from the New York Stock Exchange at market close on Dec. 1.

Moreover, on Dec. 1, Freescale completed its tender offers and consent solicitations for its outstanding Rs.1,593.20 crore ($350 million) aggregate principal amount of 6.87 per cent senior notes due 2011. It also completed its outstanding Rs.2,276 crore ($500 million) aggregate principal amount of 7.12 per cent senior notes due 2014, pursuant to its offer to purchase and consent solicitation statement, dated Oct. 23. The tender offers expired on Nov. 29.

Freescale on Dec. 1 accepted for payment all validly tendered notes, consisting of about $349.89 million in aggregate principal amount of the 2011 Notes. The company also received about Rs.2,275.68 crore ($499.93 million) in aggregate principal amount of the 2014 notes.

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