Infineon Will Buy Cypress Semi in Latest Chip Mega-DealMore

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Infineon Technologies AG agreed to buy Cypress Semiconductor Corp. for about $8.7 billion in cash, the latest mega-deal for an industry grappling with slowing growth.

The $23.85 a share offer is a 34% premium to Cypress’s Friday close, and is 50% above the price the stock was trading at on May 29, when Bloomberg first reported takeover interest in the San Jose, California-based company. Including debt, the deal values Cypress at 9 billion euros ($10 billion), the companies said in a statement.

“Cypress’s products ideally complement our own offerings,” Infineon Chief Executive Officer Reinhard Ploss said on a call with

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