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Flextronics to buy Solectron for $3.6 billion
June 3, 2007
RealTimeTraders: Flextronics International Ltd. has agreed to acquire Solectron Corp. for about $3.6 billion in cash and stock, based on the closing price of Flextronics shares on June 1. The combination is expected to create a leading global-electronics manufacturing-services company with more than $30 billion in annual revenue. While Flextronics says it will continue to evaluate alternative long-term financing arrangements, Citigroup Global Markets Inc. has committed to provide Flextronics with a $2.5 billion seven-year unsecured term loan to fund the cash requirements for the transaction. Following the acquisition, Solectron will become a wholly owned subsidiary of Flextronics. Read more
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