Chipmaker NXP Reportedly Plans To Raise At Least $1B In IPO
NXP, the Dutch semiconductor maker bought by a group of private equity investors four years ago, plans to raise at least $1 billion in an initial public offering to reduce debt, Bloomberg reports, citing “two people with knowledge of the matter.”
NXP hired Morgan Stanley, Barclays, Credit Suisse, Deutsche Bank and Goldman Sachs to handle the sale, the story reports. KKR, Silver Lake and AlpInvest Partners bought an 80.1% stake in NXP from Royal Philips in 2006 in a deal that valued the company at $10.06 billion including debt. In December, Bloomberg notes, KKR said its investment was worth 30 cents on the dollar. NXP, which has 29,000 employees, is based in Eindhoven, Netherlands.
-- Barrons.com
