NXP Semiconductors (NXPI) said Tuesday it has agreed to acquire TTTech Auto for $625 million in cash.
TTTech Auto develops safety systems and middleware for software-defined vehicles and has relationships with many leading automotive engineering companies, NXP said.
Upon completion of regulatory hurdles, TTTech Auto, its management team, intellectual property, assets, and engineering staff of around 1,100 are to join NXP's automotive team and operate under the NXP brand, NXP said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.