Mergers and Acquistions News
Categories: Semi-Conductors
January 7th 2009, 16:07PM
Electronics firm Tower Semiconductor has received a $20 million (£13 million) cash injection from Israel Corporation.
The money was handed over as part of an agreement signed in September of last year, which also saw Israel Corporation acquire 8.9 per cent of the Migdal Ha-Emek foundry.
Under the terms of the injection, Israel Corporation purchased equity equivalent notes based on a value of $0.26 per share.
The notes do not have any voting or dividend rights, do not pay interest and are not redeemable.
Russell Ellwanger, chief executive officer of Tower, said: "This additional capital will assist us in continuing our efforts to become the leading specialty foundry in the world and will provide needed flexibility as we continue to leverage the synergies inherent in our merger with Jazz Technologies."
The company will also be looking to streamline its global operations, he added.
Yesterday, Europe's second largest chip maker Infineon Technologies announced plans for a €450 million (£410 million) share issue.
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