Semiconductor manufacturer Infineon Technologies has acquired Cypress Semiconductor Corporation for $23.85 per share, or about $10.1 billion.

The acquisition will add Cypress’s microcontrollers and software and connectivity components, such as NOR flash memories, to Infineon’s portfolio.

If approved by Cypress’s shareholders and regulatory agencies, the acquisition is expected to close by early 2020.

Reinhard Ploss, CEO of Infineon, said, “This acquisition will open up additional growth potential in the automotive, industrial and Internet of Things sectors. Together, we will continue our shared commitments to innovation and focused R&D investments to accelerate technology advancements.”

Hassane El-Khoury, CEO of Cypress, said, “Jointly, we will enable more secure, seamless connections, and provide more complete hardware and software sets to strengthen our customers’ products and technologies in their end markets. The strong fit of our two companies will bring enhanced opportunities for our customers and employees.”

Source: Infineon