TI closes National acquisition
9/23/2011 7:06 PM EDT
SAN FRANCISCO—As expected, Texas Instruments Inc. Friday (Sept. 23) closed the $6.5 billion acquisition of former rival National Semiconductor Corp.
TI (Dallas) said earlier this week that it expected to close the deal Friday—slightly faster than the company initially expected when it announced the deal in April—after receiving all required regulatory approval.
"National is now a strategic part of TI’s analog growth engine," said Rich Templeton, TI’s chairman, president and CEO, in a statement. "Together, we’re focused on accelerating semiconductor innovation to improve performance and power efficiency for our customers’ electronic systems."
More than 5,000 National employees will immediately become part of TI. The two companies will begin the work to integrate National as a unit of TI’s analog semiconductor business, which will have a combined portfolio of nearly 45,000 analog products and a sales force that is 10 times larger than National’s previous footprint., TI said.
TI said it would include National’s contribution to financial performance in the company’s third-quarter earnings announcement on Oct. 24. With the closing of the deal, TI's analog semiconductor business unit now represents more than 50 percent of the company’s revenue, TI said.
TI will continue to operate National’s manufacturing sites, located in Maine, Scotland and Malaysia, as well as business headquarters in Santa Clara, Calif., and sales/design support around the world, TI said.