AMD Acquisition of Xilinx Approved by Holders

AMD's $35 billion acquisition of Xilinx has been approved by holders of both chipmakers.
Author:
Publish date:

AMD's  (AMD) - Get Report $35 billion deal to acquire Xilinx  (XLNX) - Get Report has been approved by shareholders of both chipmakers.

AMD, of Santa Clara, Calif., last October agreed to acquire Xilinx, San Jose, Calif. Under the terms, AMD will pay 1.7234 shares for each Xilinx share.

AMD Is a Stock to Buy on the Dip - Here’s Why

“The acquisition will bring together two industry leaders with complementary product portfolios and customers,” the companies said in a statement.

The move "[combines] central processing units, graphics processing units, field programmable gate arrays, adaptive systems on chips, and deep software expertise to enable leadership in computing platforms for cloud, edge and end devices,” they added.

AMD and Xilinx plan to “capitalize on opportunities spanning some of the industry’s most important growth segments, including data centers, gaming, PCs, communications, automotive, industrial, aerospace and defense.”

"For several years, AMD has successfully executed our long-term growth strategy and deepened the company's partnerships to drive high performance computing leadership," 

“The acquisition of Xilinx marks the next leg in our journey to make AMD the strategic partner of choice for the largest and most important technology companies," Lisa Su, AMD's president and chief executive, said.

Advanced Micro Devices Upgraded on Intel 'Strategic Faux Pas'

The deal is set to close this year, subject to conditions including regulatory clearances.

At last check AMD shares were trading 1.7% higher at $82.83. Xilinx shares were trading 1.7% higher at $132.62.

Advanced Micro Devices is a holding in Jim Cramer's Action Alerts PLUS investing club. Want to be alerted before Jim Cramer buys or sells AMD? Learn more now