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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared Hurricane Earl strengthens, could swipe U.S. east 9:21am EDT UPDATE 1-Hurricane Earl strengthens, could swipe U.S. east 9:21am EDT Hurricane Earl strengthens, could swipe U.S. East Coast 10:13am EDT Saudi couple "hammer 24 nails" into Sri Lankan maid 26 Aug 2010 Windows DLL load hijacking exploits go wild 24 Aug 2010 Woman buries brother, discovers dead son 20 Aug 2010 Tropical Storm Earl poised to become hurricane 28 Aug 2010 Wall Street edges lower on investor wariness 10:20am EDT Hurricane Earl strengthens in Caribbean 5:53am EDT Analysis: The uncomfortable mathematics of monetary policy 28 Aug 2010 Strange and unusual 26 Aug 2010 Hurricane Katrina: A chronology 27 Aug 2010 Hurricane Earl strengthens, could swipe U.S. east 9:21am EDT Facebook Places just too much information? Here's how to opt out 27 Aug 2010 Intel seeks to close mobile gap with Infineon unit 11:33am EDT Study finds first genetic link to common migraine 10:22am EDT UPDATE 1-Hurricane Earl strengthens, could swipe U.S. east 9:21am EDT Obama to make statement on economy on Monday 11:05am EDT Saudi couple "hammer 24 nails" into Sri Lankan maid 26 Aug 2010 "We're about to crash," passengers told in error 27 Aug 2010 NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here. Intel seeks to close mobile gap with Infineon unit Digg This Tweet This Share on LinkedIn Share on Facebook Related News Intel trips circuit breaker shortly after news 1:48am EDT Intel warns of revenue shortfall on weak PC demand 1:48am EDT Analysis & Opinion iPad shift may wreak havoc on parts of tech sector BlackBerry maker’s future looks far from rosy Related Topics Technology » iPad » Deals » Hot Stocks » Asian Markets » Inflows Outflows » Media » Intel Corporation President and CEO Paul S. Otellini walks off the stage following his keynote address at the Oracle OpenWorld conference in San Francisco, California in this September 23, 2008 file photo. Credit: Reuters/Robert Galbraith By Nicola Leske FRANKFURT | Mon Aug 30, 2010 11:33am EDT FRANKFURT (Reuters) - U.S. chipmaker Intel is to buy German chipmaker Infineon's wireless unit for $1.4 billion as it seeks to claw its way into the booming smartphone market, reducing its reliance on personal computers. The move, agreed on Monday, is the second major deal for Intel within two weeks. The company announced its $7.7 billion offer for McAfee Inc on August 19, its largest acquisition, bolstering the appeal of its chips as it tries to expand further into the mobile market. "Infineon fills a strategic gap," said Anand Chandrasekher, general manager of Intel's Ultra Mobility Group. "As multiple devices proliferate around the planet, we cannot depend on one technology alone," he added. Intel dominates the market for PC microprocessors. Its Atom mobile chips took the low-cost, no-frills netbook market by storm but are rarely found in smartphones. Intel, which sold its chip business for mobile handhelds and cell phones to Marvell Technology for $600 million four years ago, faces pressure as Apple's iPad and other tablet computers chip away at demand for notebooks and PCs. And while a shaky economic recovery may make families think twice about upgrading their computers, experts say future growth in the microchip industry lies in smartphones and tablets, areas that Intel is far from dominating. STANDALONE UNIT Intel plans to keep Infineon's mobile unit independent once the cash-transaction closes in the first quarter of 2011. "We have learned from our experience over the past 20 years that many of our previous acquisitions have not been as successful as we would have liked them to be, that's why we are keeping this entity independent," said Arvind Sodhani, executive vice president of Intel. UBS analyst Maynard Um said: "Intel's acquisition of (the unit of) Infineon creates a well-funded industry competitor looking to compete and invest in the roadmap over the longer term." Chandrasekher declined to say how much Intel had earmarked to invest in the business, saying only Intel planned to eventually become market leader in the mobile chip segment. Meanwhile, rivals based on UK-listed ARM's chip design -- which is said to be more power-efficient than Intel's offerings -- continue to grab market share. Infineon shares fell 3.8 percent to 4.434 euros by 1509 GMT in Frankfurt, widening losses to Friday's close after Intel warned its third-quarter revenue would fall short of its own expectations due to weak consumer demand on personal computers. "Investors had hoped for a higher price and additionally we expect profit-taking on the long-expected deal," analysts at Alpha brokerage wrote. Three people familiar with the matter had told Reuters on Friday that Intel and Infineon would likely reach an agreement on the business's future within the next few days. Intel shares were down 1.2 percent at $18.16. At least three brokerages cut their price targets on Intel's stock on Monday, bracing for a weak quarterly performance from the semiconductor bellwether. SPECIAL DIVIDEND FOR INFINEON? The deal will allow Infineon to focus on its core segments -- automotive, industrial and chip card security. "We didn't have to sell wireless but there is one thing I have learned over the past 15 years, at the end of the day in technology portfolio size matters if you want to maintain leadership position, " said Chief Executive Peter Bauer. Bauer, who took the helm in mid-2008, turned around the mobile chip unit after years of losses. It now generates around 30 percent of Infineon's total revenue but it ranks No. 5 in the chipset industry, far behind sector giants Qualcomm, Texas Instruments and Broadcom. Infineon, based in Neubiberg near Munich, supplies chips to companies such as Nokia, LG and Apple. Asset sales may also open the door for a special dividend for Infineon shareholders, who have not seen a payout in years. Bauer said he could not comment on a dividend. The deal comes amid a flurry of global M&A activity as companies struggle to boost revenue in a weak economy. According to Thomson Reuters data, nearly $200 billion in mergers and acquisitions has been announced in August, already making it the third-best month so far this year in terms of money committed to deals. (Additional reporting by Noel Randewich in San Francisco, Manasi Phadke in Bangalore and Sinead Carew in New York) ($1=.7861 euros) Technology iPad Deals Hot Stocks Asian Markets Inflows Outflows Media Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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