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• Xilinx stockholders receive 1.7234 shares of AMD common stock
• The deal was initially valued at $35 billion, but a rise in the company's stock increased the price
Semiconductor designer Advanced Micro Devices Inc (AMD) announced on Monday that it had completed the acquisition of the Xilinx Inc (NASDAQ: XLNX) deal worth approximately $50 billion.
The acquisition creates the industry's high-performance and adaptive computing leader, with significantly expanded scale and the strongest portfolio of leadership computing, graphics, and adaptive SoC products.
AMD's acquisition has received all necessary approvals, according to the company.
The deal announced in October 2020 was originally valued at $35 billion, but AMD claims that the rise in AMD stock has increased the price tag.
For each share of Xilinx common stock, Xilinx stockholders received 1.7234 shares of AMD common stock and cash in lieu of any fractional shares of AMD common stock. Xilinx common stock will no longer be traded on the NASDAQ stock exchange.
"Xilinx offers industry-leading FPGAs, adaptive SoCs, AI engines, and software expertise that enable AMD to offer the strongest portfolio of high-performance and adaptive computing solutions in the industry..." said AMD President and CEO Dr. Lisa Su, in a statement.
The combined company will employ over 15,000 engineers and will rely heavily on Taiwan Semiconductor Manufacturing Co Ltd for manufacturing.
The two American firms have benefited from a more agile approach to capturing market share from Intel, which has struggled with internal manufacturing.
Su will be the combined company's CEO, with Xilinx CEO Victor Peng serving as president of the newly formed Adaptive and Embedded Computing Group.
Inputs from Reuters