DALLAS, Texas-Texas Instruments Inc. (TI) (NYSE: TXN) has announced it will be buying National Semiconductor (NYSE: NSM) for $25 per share in an all-cash transaction of about $6.5 billion. The two firms have signed “a definitive agreement.The move combines TI with its previously largest competitor in the analog semiconductor space.
Apparently the boards of directors of both companies have unanimously approved the transaction.
Rich Templeton, TI’s chairman, president and CEO, said the acquisition was “about strength and growth.” He added that National boasted an “excellent development team,” and that by combining both firms’ products would create “an analog portfolio of unmatched depth and breadth.”
TI believes it can also help to accelerate National’s growth with its much larger sales force. “The combined sales team will be 10 times larger than National’s is today, and the portfolio will be exposed to more customers in more markets,” he said.
Meanwhile, Don Macleod, National’s CEO, said the two companies “complement each other very well.”
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