Infineon to acquire GaN Systems for $830M

Infineon Technologies AG and GaN Systems announce they have signed a definitive agreement under which Infineon will acquire GaN Systems for $830M. "GaN Systems is a global technology leader in the development of gallium nitride, or GaN-based, solutions for power conversion. The company is headquartered in Ottawa, Canada, and has more than 200 employees. The planned acquisition of GaN Systems in an all-cash transaction will be funded from existing liquidity. The Board of Directors of GaN Systems and the Infineon Supervisory Board have already consented to the acquisition. The transaction is subject to customary closing conditions, including regulatory approvals," Infineon stated.