Philips Semiconductors becomes NXP
Berlin, Germany, 1st September 2006 – Philips Semiconductors CEO Frans van Houten today revealed the company will move forward as NXP, marking a milestone in its 53 year history as it becomes independent from Royal Philips. The name change announcement follows an agreement between Royal Philips and Kohlberg Kravis Roberts & Co. (KKR), Bain Capital, Silver Lake Partners, Apax and AlpInvest Partners NV that will see the consortium take an 80.1% stake in the semiconductor operation with Philips retaining a 19.9% interest. NXP is Europe’s second largest semiconductor company and a global top 10 player.
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