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| FLEXTRONICS SIGNS AGREEMENTS FOR THE SALE OF FLEXTRONICS NETWORK
SERVICES AND FLEXTRONICS SEMICONDUCTOR | | | |
Singapore - Flextronics (NASDAQ: FLEX) announced
today it has signed separate agreements for the sale of Flextronics Network Services (FNS) and Flextronics
Semiconductor. As previously announced, FNS will merge with Telavie AS, a company wholly-owned by Altor 2003 Fund, a
Nordic private equity firm. Under the terms of the definitive agreement, Flextronics will receive an upfront cash
payment, deferred and contingent payments, and will also retain a 30% ownership stake in the merged company.
In a
separate agreement, Flextronics will sell its semiconductor division for cash to AMIS Holdings, Inc. (NASDAQ: AMIS),
parent company of AMI Semiconductor, Inc.
“I am thrilled to announce we have finalized our FNS
deal with Altor and that we have found a perfect fit with AMI as the company to purchase our semiconductor
division,” said Michael Marks, Chief Executive Officer of Flextronics. “These transactions allow Flextronics to
concentrate its efforts and resources on the core EMS business, which includes design, vertically-integrated
manufacturing services and logistics, in order to deliver the services that best meet our customers’ needs. We
believe these transactions are an excellent fit for all parties involved, and we expect continued success for both
the FNS and Flextronics Semiconductor teams moving forward.”
As a result of these two
transactions, Flextronics will receive an aggregate upfront cash payment in excess of $550 million plus additional
deferred and contingent payments and a 30% ownership stake in the merged network services company. Both transactions
are expected to close before the end of the September 30 fiscal quarter and are subject to customary closing
conditions, including certain governmental approvals. |
Jueves, 16 Junio, 2005 - 07:21 | |
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| FLEXTRONICS SIGNS AGREEMENTS FOR THE SALE OF FLEXTRONICS NETWORK
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