PE backers to reduce NXP Semiconductors stakes

The shares will be sold in a secondary offering ran jointly by Barclays and Crédit Suisse. The sales price will represent a 1.3% discount from Friday's closing price of $30.75 ($30.35). NXP will not profit from the proceeds of the sale.

NXP was listed on NASDAQ in August 2010, raising $476m for the company and giving it a market-cap of $3.49bn. Proceeds from the IPO were earmarked to repay part of the company's $5.2bn debt. Crédit Suisse, Goldman Sachs, Morgan Stanley, Bank of America Merrill Lynch and Barclays Capital acted as bookrunners.

In November 2006, KKR, AlpInvest and Silver Lake acquired a 80.1% stake in NXP for €3.4bn from Dutch technology and electronics company Philips. The transaction valued the company at €8.3bn including debt. NXP's current market cap stands at $7.39bn (€5.46bn).

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