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Applied Materials, Inc (NASDAQ:AMAT) announced plans to acquire Kokusai Electric from KKR & Co Inc (NYSE:KKR) for $2.2 billion.
The transaction has been approved by the Applied Materials board of directors and is expected to close within approximately 12 months, subject to regulatory approval.
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Following the close of the transaction, Kokusai Electric will operate as a business unit of Applied's semiconductor products group and continue to be based in Tokyo, with technology and manufacturing centers in Toyama, Japan and Cheonan, Korea.
Applied Materials shares traded up 3.32% at $46.40 in Monday's pre-market session.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.