Flextronics announced its agreement to acquire Solectron on June 4, 2007, at an estimated $3.6 billion in equity value—not as a fixed cash purchase price. Solectron shareholders could receive cash, Flextronics shares, or a prorated combination; the merger closed on October 1, 2007, with Flextronics paying about $1.07 billion in cash and issuing approximately 221.8 million shares.
How much did Flextronics pay for Solectron?
The announced figure was approximately $3.6 billion in equity value, calculated using Flextronics’ June 1, 2007 closing share price. It was not a fixed amount of cash: the value depended on the stock price and the mix of cash and shares delivered to Solectron holders. Solectron’s June 4 SEC-filed merger materials gave scenario values of approximately $3.603 billion to $3.630 billion based on the available consideration mixes and reference prices. The companies’ announcement and the merger materials describe the terms.
At closing on October 1, Flextronics reported paying approximately $1.07 billion in cash and issuing approximately 221.8 million ordinary shares. Those closing figures describe the consideration actually delivered; the earlier $3.6 billion figure was the announcement-date equity valuation. Flextronics’ October 1, 2007 Form 8-K reports the closing.
How were Solectron shareholders paid?
For each Solectron common share, the merger agreement offered a choice of 0.3450 Flextronics ordinary share or $3.89 in cash. The agreement limited the overall mix: between 50% and 70% of the consideration had to be paid in Flextronics shares, with the remainder in cash. Because shareholders’ elections were subject to those aggregate limits, some elections could be prorated rather than honored in full.
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Final election results show how that worked. The figures below are percentages of outstanding Solectron shares, not percentages of shareholders:
| Election status | Share of outstanding Solectron shares | What holders received |
|---|---|---|
| Valid stock election | 79.0% | Flextronics shares for approximately 88.66% of the elected shares and cash for approximately 11.34%, due to the stock cap |
| Valid cash election | 8.9% | Cash for all shares covered by the valid election |
| No valid election | 12.2% | The final results report the election status; this summary does not specify a separate allocation for these shares |
The election figures were published by Flextronics on October 2, 2007. Its final election-results announcement gives the reported percentages and proration for stock electors.
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When did Flextronics buy Solectron?
Flextronics announced the definitive agreement on June 4, 2007, and initially expected the transaction to finish by the end of that calendar year. Both companies announced shareholder approval on September 27, 2007. Flextronics completed the merger on October 1, 2007. The agreement required customary closing conditions, including approval by both companies’ shareholders and certain regulatory approvals.
The regulatory records establish review activity, but do not by themselves provide a complete account of every jurisdiction’s process or substantive findings. The FTC’s early-termination notice record identifies the parties and is dated July 16, 2007. Singapore’s competition regulator also keeps a closed consultation record describing the proposed combination. FTC early-termination notice · Singapore competition regulator consultation record.
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Why did Flextronics acquire Solectron?
The companies presented the merger as a way to combine Solectron’s design resources with Flextronics’ manufacturing and supply-chain services, creating greater scale across manufacturing, logistics, procurement, design, engineering, and original design manufacturing (ODM). They said broader capabilities could support product development, supply-chain management, quality, and faster time to market for customers. These were management’s expected benefits at announcement, not established post-merger outcomes.
The companies projected that the combined business would have roughly 200,000 employees and annual revenue above $30 billion. Those were June 2007 projections for the combined company, rather than independently verified later figures. Solectron executive vice president and interim CEO Paul Tufano endorsed the rationale at the time, saying the combination was attractive for customers, shareholders, and employees because of Flextronics’ track record, complementary market positions, balance sheet, and reputation. The June 4 announcement contains the company’s rationale and forward-looking statements.
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The cited deal and regulatory records establish the terms, timeline, election results, and stated rationale. They do not establish whether the projected synergies or customer benefits were ultimately achieved.
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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