At an Extraordinary General Meeting of Shareholders (Special Meeting), NXP Semiconductors N.V. based in Eindhoven, approved NXP’s acquisition of Freescale Semiconductor. Freescale Semiconductor also approved the merger during its Special General Meeting. The NXP Special Meeting also appointed Gregory L. Summe and Peter Smitham to serve as non-executive directors of NXP once the merger closes.
“We welcome the decisions to approve the merger proposal with such an overwhelming majority. The combination of NXP and Freescale creates an industry powerhouse focused on the high-growth opportunities in the Smarter World. We fully expect to continue to significantly outgrow the overall market, drive world-class profitability and generate even more cash, which taken together will maximize value for both Freescale and NXP shareholders,” said Rick Clemmer, CEO of NXP.
The merger’s completion remains subject to obtaining antitrust and other regulatory approvals in certain jurisdictions, and other customary closing conditions. NXP and Freescale expect the merger’s closing during the second half of 2015.