Thursday, 14 August 2008

NXP Completes Acquisition of Conexant's Set-top Box Operations

NXP Semiconductors, the independent semiconductor company founded by Philips, has confirmed the completion of its acquisition of the Broadband Media Processing (BMP) business of Conexant Systems.

With this transaction, the first for its Home Business Unit, NXP’s existing set-top box (STB) and digital TV (DTV) operations will be combined with Conexant’s BMP business.

“We have completed the acquisition quickly and will maintain this pace by showcasing the joint product portfolio for the first time at IBC 2008 in September,” said Christos Lagomichos, EVP and General Manager of NXP’s Home Business Unit.

Under the terms of the deal, NXP will pay Conexant USD 110 million in cash up front, and additional consideration of up to USD 35 million based on achievement of certain revenue milestones over the period from closing through 2009.