Startup News and Information for Silicon Valley
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Startup News and Information for Silicon Valley |
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Tuesday, May 22, 2007 STMicroelectronics, Intel, and Francisco Partners Create New Semi FirmSTMicroelectronics, Intel, and private equity firm Francisco Partners announced today that they are creating a new independent semiconductor company, focused on flash memory. The new $3.6B business will combine elements of Intel and STMicroelectronics. The new firm will be headed by Brian Harrison, currently VP and GM of Intel's Flash Memory Group, and will be chaired by Carlo Bozotti, CEO and President of STMicroelectronics. According to the companies, the new firm will be headquartered in Switzerland and have approximately 8,000 employees. Financially, Intel will receive 45.1 percent equity and $432M in cash, and STMicroelectronics will receive 48.6 percent equity and $468M in cash as part of the deal, with Francisco Partners investing $150M for 6.3 percent of the firm; the financing will come from a $1.3B loan to the new company. posted on Tuesday, May 22, 2007
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