NEW YORK/PALO ALTO, U.S. -- American chipmaking equipment supplier Applied Materials said Monday that it is ready to pay $3.5 billion -- up 59% from a previous offer -- to take over smaller Japanese peer Kokusai Electric from private equity firm KKR, citing a favorable outlook for and higher valuations in the sector.
The California-based manufacturer lifted its bid for the former Hitachi unit from the original $2.2 billion in a filing with the U.S. Securities and Exchange Commission. The deal's closing deadline will be extended to March 19, 2021, from Dec. 30, 2020, as it has one more regulatory hurdle to clear -- in China.
