Texas Instruments completed its acquisition of National Semiconductor on September 23, 2011. TI paid $25 in cash for each eligible National share, for a transaction valued at approximately $6.5 billion. National became a wholly owned TI subsidiary and was integrated into TI’s Analog business.
When did Texas Instruments buy National Semiconductor?
TI and National announced their definitive merger agreement on April 4, 2011. The U.S. Hart-Scott-Rodino waiting period expired on May 23 without regulators requesting additional information. On September 21, the companies said all required regulatory reviews had cleared and anticipated closing two days later. The transaction closed on September 23, 2011.
How much did TI pay, and was the deal all cash?
The agreement provided $25 in cash for each eligible National Semiconductor share. The companies put the total transaction value at approximately $6.5 billion. It was an all-cash acquisition, not a stock-for-stock merger.
Why did Texas Instruments acquire National Semiconductor?
TI framed the deal as a way to combine complementary analog semiconductor portfolios. Both businesses made components that process real-world signals in electronic systems, with a focus on performance and power efficiency. TI said the combination would expand manufacturing capacity, customer and applications support, and market reach.
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At closing, TI said its Analog semiconductor business accounted for more than 50 percent of TI’s company revenue. The combined portfolio was described as nearly 45,000 analog products, with a sales force ten times larger than National’s previous footprint.
What happened to National after the merger?
National became a wholly owned subsidiary of TI and was integrated into TI’s Analog business. More than 5,000 National employees joined TI at closing. TI said it would continue operating National manufacturing sites in Maine, Scotland, and Malaysia, along with National’s Santa Clara business headquarters and worldwide sales and design support.
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TI’s 2011 annual report says National’s operating results were included in TI’s Analog segment beginning September 23, 2011. The acquisition-date consideration was accounted for under ASC 805, Business Combinations.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the deal added to TI
| Item | Reported figure or outcome |
|---|---|
| Purchase consideration | $25 cash per eligible National share |
| Total transaction value | Approximately $6.5 billion |
| National revenue cited at announcement | Approximately $1.6 billion for calendar year 2010 |
| Employees joining TI | More than 5,000 |
| Combined analog portfolio at closing | Nearly 45,000 products |
Purchase terms and the 2010 revenue figure were reported in the April 4, 2011 announcement; employee and portfolio figures describe the transaction at its September 23, 2011 close.
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