NXP Semiconductors Acquires Full Control of Auto Radar JV

TL;DR

NXP buying out its partner in the auto radar JV, full control incoming.

AI Summary

NXP Semiconductors N.V. announced on August 29, 2024, that it has entered into a definitive agreement to acquire the remaining 19.7% stake in its joint venture, the automotive radar joint venture with JAC, for an undisclosed amount. This acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions.

Why It Matters

This move allows NXP to fully integrate its automotive radar technology, potentially accelerating innovation and market penetration in the autonomous driving sector.

Risk Assessment

Risk Level: low — The filing is an announcement of a standard acquisition within a joint venture, with no immediate negative financial implications or significant changes to NXP's overall business structure.

Key Players & Entities

• NXP Semiconductors N.V. (company) — Registrant and acquirer
• JAC (company) — Partner in the automotive radar joint venture

FAQ

From the Filing

0001413447-24-000081.txt : 20240830 0001413447-24-000081.hdr.sgml : 20240830 20240829180305 ACCESSION NUMBER: 0001413447-24-000081 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240829 ITEM INFORMATION: Other Events FILED AS OF DATE: 20240830 DATE AS OF CHANGE: 20240829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NXP Semiconductors N.V. CENTRAL INDEX KEY: 0001413447 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34841 FILM NUMBER: 241265168 BUSINESS ADDRESS: BUSINESS PHONE: 31 6 54 265349 MAIL ADDRESS: STREET 1: HIGH TECH CAMPUS 60 CITY: EINDHOVEN STATE: P7 ZIP: 5656AG FORMER COMPANY: FORMER CONFORMED NAME: KASLION Acquisition B.V. DATE OF NAME CHANGE: 20070925 8-K 1 nxpi-20240829.htm 8-K nxpi-20240829 0001413447 false 0001413447 2024-08-29 2024-08-29 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K   CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): August 29, 2024     NXP Semiconductors N.V. (Exact name of Registrant as specified in charter) Netherlands 001-34841 98-1144352 (State or other jurisdiction of incorporation) (Commission file number) (IRS employer identification number) 60 High Tech Campus Eindhoven Netherlands 5656 AG (Address of principal executive offices) (Zip code) +31 40 2729999 (Registrant’s telephone number, including area code)   NA (Former name or former address, if changed since last report)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Number of each exchange on which registered Common shares, EUR 0.20 par value NXPI The Nasdaq Global Select Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).                                         Emerging growth company   ☐          If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act      ¨       Item 8.01 Other Events. On August 29, 2024, the Board of Directors of NXP Semiconductors N.V. (the "Company") approved the payment of an interim dividend of $1.014 per ordinary share for the third quarter of 2024. The interim dividend will be paid on October 9, 2024 to shareholders of record as of September 12, 2024. Additionally, the Board of Directors of the Company approved an additional $2 billion authorization to its existing share repurchase program . The new $2 billion share repurchase authorization is in addition to the approximately $726 million currently remaining for repurchase under the existing