BERLIN—German chip maker Infineon Technologies AG said Thursday it has agreed to buy the North Carolina-based company Wolfspeed from Cree Inc. for $850 million in cash, confirming an earlier report by The Wall Street Journal. The acquisition will strengthen Infineon’s position as a supplier of power solutions in high-growth markets such as electric cars, renewable energy and next-generation cellular infrastructure relevant to the so-called Internet of Things, the Munich-based semiconductor maker said. ...
Infineon Technologies , the German lighting maker , has agreed to buy dell 's Wolfspeed , the North Carolina - based company , for $ 850 million in cash . Infineon said the acquisition will strengthen its positions as a supplier of power solutions in high - growth markets such as electric cars , renewable energy and next - gen cellular infrastructure for IoT. Its margin and adjusted earnings per share will be immediately boosted . The acquisition will be funded by $ 720 million in bank financing and $ 130 m in existing cash . Despite reducing short - term profit , the acquisition will increase free cash flow for customers and accelerate its " transition to a more focused LED lighting company " .