- News
5 November 2014
International Rectifier’s stockholder approve merger with Infineon
At a special meeting on 4 November, stockholders of International Rectifier Corp (IR) of El Segundo, CA, USA overwhelmingly approved the firm’s proposed merger with Infineon Technologies AG of Munich, Germany (announced on 19 August).
About 99.5% of the votes cast at the special meeting voted in favor of the approval and adoption of the merger agreement, representing about 84.03% of the total outstanding shares of the company’s common stock.
Infineon’s and International Rectifier’s product portfolios are reckoned to be highly complementary. IR’s expertise in low-power, energy-efficient IGBTs and intelligent power modules, power MOSFETs and digital power management ICs will integrate with Infineon’s range of power devices and modules.
With IR, Infineon acquires a manufacturer of gallium nitride on silicon (GaN-on-Si)-based power semiconductors. It is reckoned that the combination will accelerate Infineon’s position in GaN discretes and GaN system solutions, improving its ability to pursue a strategically important technology platform with significant future growth potential.
The transaction will result in a broad range of products creating what is described as a comprehensive provider of silicon-, silicon carbide (SiC) and gallium nitride (GaN)-based power devices and integrated circuits. Infineon believes that the increase in exposure to the distribution channel will allow it to meet the needs of a broader range of customers.
Subject to the satisfaction or waiver of the remaining closing conditions contained in the merger agreement (including remaining regulatory approvals), the merger is expected to close in late 2014 or early 2015.
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