Philips, VLSI reach merger agreement

17 Jun 2002

Royal Philips Electronics (Eindhoven, The Netherlands) and VLSI Technology, Inc. (San Jose, California) have signed a definitive merger agreement. VLSI will become a part of Philips Semiconductors; VLSI's digital expertise and wireless communications capabilities will complementary operations with almost no product overlap to Philips' wireless, multimedia, automotive, and consumer electronics strengths. Philips will acquire approximately $46.6 million shares of stock for $21.00 per share in cash.