NXP Semiconductors NV said it would sell its standard products business to a consortium of financial investors consisting of Jianaguang Asset Management Co Ltd and Wise Road Capital Management for about $2.75 billion.
Dwindling demand in computer and phone markets, once semiconductor industry mainstays, have fueled a year-long merger wave as firms look to higher margin areas like automotive electronics for sales growth.
The deal is expected to close in the first quarter of 2017.
(Reporting by Nikhil Subba in Bengaluru; Editing by Chris Reese)
Source: Reuters.com