TI completes acquisition of National Semi
Texas Instruments has completed its $6.5 billion acquisition of National Semiconductor, which has a manufacturing plant in South Portland.
Dallas-based TI announced in April its plans to purchase National Semiconductor, its California-based rival in the analog chip market. Under terms of the deal, TI agreed to pay $25 for each outstanding share of National Semiconductor common stock, a 78% premium over National's closing price the day before the deal was announced, The Associated Press reported. TI plans to continue operating National's South Portland plant, which is one of the city's largest employers with 550 workers, as well as plants in Scotland and Malaysia. National officials in April said the acquisition would not lead to staffing reductions in South Portland.
TI Chairman, President and CEO Rich Templeton said the acquisition will increase his company's profitability and bring National Semiconductor's products to a larger market. In 2010, TI's analog revenue was $6 billion, and National Semiconductor's was about $1.6 billion, according to the release.
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