Stocks

NXP Semiconductors to acquire TTTech Auto for $625M in cash

January 07, 2025 — 05:16 am EST

Written by TheFly for TipRanks

NXP Semiconductors (NXPI) announced that it has entered into a definitive agreement to acquire TTTech Auto in an all-cash transaction valued at $625M. TTTech Auto has established business relationships with many automotive original equipment manufacturers. Pending regulatory approvals, TTTech Auto including its management team, intellectual property, assets, and approximately 1,100 engineering staff will join NXPs automotive team. As part of NXP, TTTech Auto will continue to serve existing customers and expand its global footprint under the NXP brand. “This acquisition combines NXP’s automotive portfolio with a leading global player in safety software solutions,” said Jens Hinrichsen, executive vice president and general manager of analog & automotive embedded systems at NXP. “The inclusion of TTTech Auto’s software into the NXP CoreRide solution further strengthens NXP’s automotive value proposition and accelerates the automotive industry’s transformation to software-defined vehicles. NXP CoreRide enables automakers to deploy their best-in-class, differentiated vehicle platforms more efficiently, faster, and safely. Our acquisition of TTTech Auto is the next big step in NXP’s journey to become the leading provider of intelligent edge systems in automotive and Industrial IoT.”

Stay Ahead of the Market:

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

See Insiders’ Hot Stocks on TipRanks >>

Read More on NXPI:

TipRanks
TipRanks is the most comprehensive data set of sell side analysts and hedge fund managers. TipRanks' multi-award winning platform ranks financial experts based on measured performance and the accuracy of their predictions so investors know who to trust when making investment decisions.
More articles by this source

Tags

Stocks
Stocks Mentioned
NXPI

Latest Articles
Data is currently not available