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PCC clears semiconductor firms’ merger

THE Philippine Competition Commission (PCC) has approved the merger of two US semiconductor makers after Analog Devices, Inc. (ADI) acquired Maxim Integrated Products, Inc. (Maxim).

The merger will be done through Magneto Corp. (Magneto), a wholly-owned subsidiary of ADI, and Maxim. Maxim will emerge from the merger as a wholly-owned subsidiary of ADI, the PCC said in a statement Thursday.

The commission found that the transaction does not result in a substantial reduction of competition in semiconductors, due to the deal’s global nature.

“PCC found that the parties’ subsidiaries in the Philippines have limited business presence in the local market, where they export all their output to their respective parent entities and affiliates outside the country.”

Maxim shareholders will receive 0.630 of a share of ADI common stock for each share of Maxim common stock held before the closing of the transaction. ADI shareholders will own around 69% of the merged entity, while Maxim shareholders will own 31%.

The transaction values Maxim at around $21 billion, based on its fully diluted shares outstanding and ADI’s share price as of July 10.

ADI and Maxim operations in the Philippines include fabrication, testing, and assembly for export. Both are listed on the NASDAQ. — Jenina P. Ibañez

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