Applied Materials sweetens bid for KKR's Kokusai Electric to $3.5bn

US chipmaking equipment leader raises offer by 59% as deal awaits Chinese approval

20210104NY Applied Materials

Applied Materials’ corporate signage Santa Clara, California. The company said in 2019 that Kokusai Electric would operate as a business unit of Applied’s semiconductor products group and remain based in Tokyo after the acquisition. © Reuters

ALEX FANG and YIFAN YU, Nikkei staff writers

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.

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